The Boris Bounce!

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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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