The latest Rightmove Housing index shows a huge post-election bounce for the UK property market as optimism returns across the board.
There has been a 2.3% surge in the price of property coming to market, the largest monthly rise we have ever recorded at this time of year while increased optimism also releasing pent-up demand as would-be buyers judge the election result gives a window of stability.
There have been overr 1.3 million buyer enquiries since election, up 15% compared to same period a year ago, suggesting an active spring market ahead while there has alos been growth of 7.4% in number of sales agreed, as early birds act quickly.
The latest index also suggests a strong desire to get onto the housing ladder results in first-time buyers facing all-time highs in the price of properties with two bedrooms or fewer.
Director of Benham and Reeves, Marc von Grundherr, 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