Rightmove has reported a 2.3% surge in the prices of properties coming to market, the largest monthly rise it has recorded at the beginning of a year.
Rightmove measured 64,629 asking prices this month, circa 95% of the UK market that were put on sale by estate agents between 8 December 2019 to 11 January 2020.
The firm said buyers are also “optimistic”, with a jump in demand since the election. In the period from 13 December to 15January, immediately after the election, enquiries to estate agents were found to be up by 15% compared to the same period a year ago. This then led to a 7.4% increase in the number of sales agreed over the same period.
Miles Shipside, Rightmove director and housing market analyst, said: “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. The early birds are on it, with over 1.3 million buyer enquiries to agents since the election, up 15% on the same period a year ago. Some buyers are even further ahead and have snapped up a property already, with the number of sales agreed up by 7.4% on this time last year.”
The 2.3% rise in new seller asking prices is the largest that Rightmove has recorded at this time of year since it started its House Price Index in 2002. The previous highest January rise was the 2.2% recorded in January 2015.