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Posts Tagged ‘Property Prices by Constituency’

With the election on the horizon, those who are interested in the property market might want to consider the prices of properties in different constituencies and the affect this might have on a mortgage. It transpires that properties in a conservative constituency are on average worth 53% more than homes in a Labour constituency. This means that if you are hoping to find cheap London mortgages, you should be targeting areas that support the red team; but be aware that this may not reap monetary rewards in years to come.

According to recent research typical homes in conservative constituencies come in at around £255,000, Lib Dem  areas have an average of £230,000 and Labour trail way behind at £170,000. Although this is an interesting cross section of the demographic in itself, the increase in value in each of the constituencies is equally as interesting, and could be important news for investors.

Properties in Labour constituencies have increased the least, and those in Liberal Democrat areas have increased the most – 177% and 190% respectively since 1997 when Labour first came into power. Homes in Tory areas increased in value by 179%, barely beating the figure of the current party leaders. Most of the boroughs in London are under the umbrella of the labour party, which would indicate that London is the place to find mortgages cheaper than elsewhere.

However, the figures show that although the Conservatives have fewer homes in their constituencies, 7.2 million, they are in fact worth the same as all the 11.7 million properties in Labour constituencies put together, a whopping £1.9 trillion. This is in stark contrast to the 2.2 million Lib Dem homes worth just £0.5 trillion. Whether or not his will affect the way that voters view the upcoming election is unclear, but it is certainly another factor to consider, and not just for those investing in property.