20 January 2020
· 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:
o Over 1.3 million buyer enquiries since election, up 15% compared to same period a year ago, suggesting an active spring market ahead
o 7.4% growth in number of sales agreed, as early birds act quickly
o 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
There has been a 2.3% (+£6,785) monthly surge in the average price of property coming to market. Nearly 65,000 properties were marketed between the 8th December and the 11th January, so most of them came to market after the 12th December election. Given that this is the largest monthly rise we have ever recorded at this time of year, it would appear that many of these new sellers are feeling a surge of optimism. Buyers are also optimistic, with a jump in demand since the election. In the period from 13th December to 15th January, immediately after the election, enquiries to estate agents were up by 15% compared to the same period a year ago. This then led to a 7.4% increase in the number of sales agreed over the same period.
For the full article please see the following link: https://www.rightmove.co.uk/news/house-price-index/