February 7, 2020
Property Prices Rise at Fastest Rate on Record
Rightmove has reported property price increases from December 19 to January 20 of 2.3%; representing the largest-ever increase in prices over a 4-week period since it began its asking price index almost two decades ago. With the property market starting the year in such good health, 2020 is poised to be a strong year all round for housing.
In the 4 weeks from 8th December to 11th January, asking prices increased by over 2%, with the general election result having a strong positive effect on the market, thanks to the certainty of a majority government.
It is not just vendors who have returned to the market, with Rightmove also recording a 15% jump in enquiries over the same period, when compared to January 2019.
Miles Shipside, Rightmove director and housing market analyst, comments: “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.”
He continues: “The early birds are on it, with over 1.3m buyer enquiries to agents since the election, up 15 per cent on the same period a year ago. Some buyers are even further ahead and have snapped up a property already.”