Property News > House prices up 2.3%, latest index shows

House prices up 2.3%, latest index shows

The average house price increased by some £6,785 between December and January following a 2.3% surge.

In the weeks since December’s general election result, agents have been subject to upwards
of 1.3 million buyer enquiries – a figure which represents growth of 15% against the same
period a year ago.

Meanwhile, the number of sales agreed has also climbed by 7.4% year on year.

“Although Rightmove looks at asking rather than selling prices, they provide an important
indicator of market activity, not least because this survey has been around for such a long
time,” said Jeremy Leaf, north London estate agent and a former RICS residential chairman.

“Asking prices can be notoriously unreliable but these confirm what we have been seeing on the ground for the last month or so. Sellers inevitably are a little bit more optimistic at this time of year but it remains to be seen, probably by the end of January/beginning of February, whether these higher prices, much of which is driven by a shortage of stock, actually turn into agreed prices and transactions,” he added.

Additionally, James Anderson, operations director of property lender MT Finance, suggests
that confidence in the market is beginning to show. “Political uncertainty has, at times,
brought the housing market to an almost complete standstill and while we are early into
2020, we are starting to see demand overcoming doubt,” he said.

“We hope the early movers – often professional investors who recognise that there are great deals out there – will be met by vendors who respond with the necessary supply as we move into spring. And in a more settled political climate where prices are starting to rise, we fully expect them to do so. Among those who see light at the end of the tunnel, optimism is high,” he added.

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