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The latest Rightmove House Price Index has shown a post-election surge in the average price of property coming on to the market.
The surge in the average price of property coming to market was 2.3 per cent (+£6,785) , representing the largest monthly rise Rightmove have ever recorded at this time of year.
They also registered a surge of 15 per cent in the number of buyer enquiries since the election, up to more than 1.3 million since the elect ion result, suggesting an active spring market ahead.
Increased optimism was seen to be releasing pent-up demand as would-be buyers judge the election result gives a window of stability.
A surge of 7.4 per cent in the number of sales agreed was also noted, as early birds acted quickly in the wave of housing market optimism.
Industry experts were quick to speak out about the increased activity.
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 sector.’
Founder and CEO of GetAgent.co.uk, Colby Short, commented: ‘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.’