The Boris Bounce!

House Prices:

The latest Rightmove House Price Index shows a huge post-election bounce for the UK property market as the threat of a Corbyn led government disappears and a big boost in optimism returns:

• 2.3% (+£6,785) surge in the price of property coming to market, the largest monthly rise we have ever recorded at this time of year
• Increased optimism also releasing pent-up demand as would-be buyers judge the election result gives a window of stability
• Over 1.3 million buyer enquiries since election, up 15% compared to same period a year ago, suggesting an active spring market ahead
• 7.4% growth in number of sales agreed, as early birds act quickly

House movers and first time buyers in particular, desiring to get onto the housing ladder, will face all-time highs in the price of properties with two or fewer bedrooms.

Director of Benham and Reeves, Marc von Grundherr, comments:

“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.”

Founder and CEO of GetAgent.co.uk, Colby Short, comments:

“The property market has sat in a state of hibernation while political uncertainty has remained prevalent, but all the while, both buyer and seller sentiment has been building like a coiled spring.

“The election has proven to be the release point for this built-up tension, with the market exploding back to life almost instantly and both buyers and sellers jumping back in at the deep end where enquiries and asking price increases are concerned.

“This has helped to bump start a market that has been stuttering over the last three and a half years and while we shouldn’t try and run before we can walk, it does show promise for the year ahead.”

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