Nearly 40% of UK consumers believe the UK property market will improve under the Labour government, according to a new study.

Research conducted by storage specialist Ready Steady Store surveyed members of the public on their perceptions of the UK property sector following the general election and found that 39% are confident in an improvement, while 31% are “somewhat confident” new policies will help first-time buyers to climb onto the property ladder.

Although 42% of consumers reported that the general election outcome had neither decreased nor increased their confidence in the UK property market, more than three-quarters (76%) believe the Labour government should prioritise housing affordability.

The findings of the research follow deputy prime minister Angela Rayner’s announcement of a planning shake-up last week.

With the Bank of England having decreased the base rate last week, a third (33%) of consumers believe high interest rates and high property prices are the biggest challenges facing the UK property market.

Only just over a quarter (26%) of respondents believe that interest rates will continue to decrease over the next 12 months, with 28% believing they will remain stable.

Commenting on the findings, Mehran Charania, director of Ready Steady Store, said: “The UK property sector has faced considerable challenges in recent years amidst volatile mortgage rates and uncertain market conditions. 

“However, the proposed housing policies from the new Labour government combined with a reduction in the Bank of England base rate has clearly increased confidence, as affirmed by our research. 

“As such, I think many homeowners previously uncertain about a house move will now take the plunge and put their property on the market, driving both sector and economic uplift as a result – so watch this space.”