UK house prices: Post-election surge breaks records

The decisive result of the General Election sparked a record-breaking surge in UK house prices in December and January, in the latest sign that the UK housing market has been revitalized by a “Boris bounce”.

There was a 2.3 percent monthly surge in the average price of property coming to the market between 8 December and 11 January, the largest jump ever for that time of year since Rightmove records began in 2002. 

Nearly 65,000 properties were put on the market during the period, meaning most were advertised for sale following the General Election on 12 December, according to the property platform’s House Price Index.

There has also been a jump in buyer demand since the Conservative election victory. 

Enquiries to estate agents between 13 December and 15 January were up 15 percent compared to the previous year, with an extra 1.3m buyer enquiries following the election. 

The number of sales agreed spiked by 7.4 percent during the same period as buyers made the most of the renewed political uncertainty offered by the election result. 

Rightmove director and housing market analyst Miles Shipside: “These statistics seem to indicate that many buyers and sellers feel that the election result gives a window of stability. 

“The housing market dislikes uncertainty and the unsettled political outlook over the last three and a half years since the EU referendum caused some potential home movers to hesitate.

“There now seems to be a release of this pent-up demand, which suggests we are in store for an active spring market.”

Source: https://www.cityam.com/post-election-property-price-surge-breaks-records/