Rightmove – House prices see record breaking post-election surge
Rightmove has seen a 2.3% surge in the price of property coming to market over the past month, the largest monthly rise it has ever recorded at this time of year.
Its latest house price index shows a huge post-election bounce for the UK property market, with average prices rising by £6,785 over the month.
Rightmove says the increased optimism has also released pent-up demand with over 1.3 million buyer enquiries recorded since the election, up 15% compared to same period a year ago.
Additionally, the number of sales agreed has risen by 7.4% as “early birds act quickly”.
However Rightmove also noted that rising growing demand will see first-time buyers face all-time highs in the price of properties with two bedrooms or fewer.
Marc von Grundherr, director of Benham and Reeves, commented: “The coal that fills the furnace of the UK property market is very much market sentiment and it doesn’t matter what your stance is on Boris or the election result, even the slightest inkling of returning market stability has been enough to reignite the fires both where buyer and seller activity are concerned.
“There was an instant uplift in buyer commitment following the result and those acting fast enough were able to secure some very favourable deals. However, as is always the case, a tsunami of buyer demand soon spurred an increase in asking prices and savvy sellers were quick to ride the turning tide to ensure they secured the best price for their property.
“This rather emphatic return to form was always on the cards given the resilience of the market and we shouldn’t be surprised if this is only the start of a very positive new decade for the UK property sector.”
Source: Financial Reporter