UK house prices rose at a record pace after last month’s general election, new data revealed on Monday.
Property prices on the market rose 2.3%, the “biggest monthly increase” for this time of year, according to the Rightmove House Price Index.
Approximately 65,000 properties were listed for sale between December 8th and January 11th.
Meanwhile, buyers are also optimistic as demand surged after the election. Inquiries to real estate agents from December 13th to January 15th, immediately after the election, increased by 15% compared to the same period last year.
Last year was quite a tumultuous year for British politics, with political and economic uncertainty hitting many sectors.
The results of December’s general election seem to have brought optimism to the housing market.
“These statistics seem to indicate that many buyers and sellers feel the election results are a sign of stability,” said Miles Shipside, Rightmove director and housing market analyst. I commented.
“The housing market hates uncertainty and the volatile political outlook of the past three and a half years since the EU referendum has put some potential residential migrants off,” continued Miles Shipside. Ta.
“It now appears that this pent-up demand is being released, which suggests a strong spring market is in store. Early bookings have been strong, and since the election, agents have been receiving buyer inquiries. sold over 1.3 million, up 15% year-on-year. Some buyers have gone even further and are already purchasing properties, with sales up 7.4% compared to this time last year. I am.”
Mark von Glander, director at Benham & Reeves, said: ‘The coal that fills the furnace of the UK property market is really market sentiment, and regardless of your position on Boris or the election result, It doesn’t matter what little I know.” The return of market stability was enough to reignite the flames regarding activity among both buyers and sellers. ”
“Following this result, buyer commitment increased immediately and buyers who acted quickly were able to secure some very favorable deals. However, as always, the tsunami of buyer demand quickly spurred a rise in asking prices, and smart sellers were quick to ride the upturn and secure the best price for their properties,” said Mark von Glander.
Mark von Glander added: “Given the resilience of the market, this return to a much more emphatic tone was always in mind, and this is why we are looking forward to a new 10 We shouldn’t be surprised if it’s only the beginning of the year,” he added.
Colby Short, founder and CEO of GetAgent.co.uk, also commented: It is a building that resembles a coiled spring. ”
“The election proved to be a release point for this pent-up tension. The market exploded back into life almost instantly, with both buyers and sellers in deep pockets where inquiries and price increase demands were a concern. I’m back,” Colby Short said. Said.
Colby Short added: “This has helped get a market back on track after being stagnant for the past three and a half years. We shouldn’t try to run away before we walk, but there are things to look forward to in the year ahead. It shows,” he added.
