The UK housing market has seen a record increase in asking prices of properties entering the market following the General Election.
In a recent index, Rightmove tracked the prices of 65,000 properties between mid-December and mid-January to see how the prices varied after the recent General Election, and it seems that the UK housing market is on the up.
The index revealed that the average asking price for properties entering the market in the UK rose by a massive 2.3 percent compared to the previous month. The growth amounted to £6,725 and is the largest monthly rise ever recorded during this time of year. Average asking prices are now estimated to be £306,810 according to Rightmove, a 2.7 percent increase on the previous year.
Rightmove’s latest index also showed that new buyer enquiries to estate agents increased by 15 percent to 1.3 million compared to the year prior. This increase coincided with a 7.4 percent annual increase in the number of sales agreed. The impressive upturn only adds to the evidence that the property market is recovering after the election brought an end to the period of political and economic uncertainty, with the result evoking a renewed optimism in the property market. With the end of the uncertainty near, sellers are feeling more confident than ever regarding the outlook for the housing market.
Miles Shipside, a director and housing market analyst at Rightmove, had this to say about the current market: “The housing market dislikes uncertainty, and the unsettled political outlook over the last three and a half years since the EU referendum caused some potential home movers to hesitate. There now seems to be a release of this pent-up demand, which suggests we are in store for an active spring market.”
“Whilst a substantial rise is the norm in January, buoyed by the start of a new year, this is the biggest new year price surge that we have ever recorded. While there may well be more twists and turns to come in the Brexit saga, there is now an opportunity for sellers to get their property on the market for a spring move unaffected by Brexit deadlines. The early birds are on it, with over 1.3 million buyer enquiries to agents since the election.”
The immediate aftermath of the General Election has been nothing but beneficial for both the housing market and the UK economy and with house prices on the rise, now is the perfect time to invest in the UK property market. Interested? Click here for information on our latest developments and learn how to invest today.