Spanish Prime Minister Pedro Sanchez announced on Monday that an early general election will be held on November 29.

Sanchez said in a video statement from the Moncloa Palace that he had informed the head of state and would convene an extraordinary cabinet meeting later to dissolve parliament and call the election in accordance with the timetable set by law.

"We need to renew people's support," Sanchez said in his televised address. "We need to mobilize and win a ​much larger progressive majority in parliament, one that will allow us to overcome vested interests, deliver new social advances and continue transforming Spain."

The announcement came after parliament rejected two government housing decrees on Friday, amid widespread protests over the country's housing crisis.

(With input from agencies)