The housing market is springing into life!
With all of the political uncertainty throughout 2019 there has been a level of instability in the property market across parts of the UK. A combination of Brexit uncertainty and December 12th’s general election meant that buyers and sellers alike were reluctant to push forward. However, the dawn of a New Year, and more political stability than we have had for a while, has shown an increased optimism in the property market as a whole.
Rightmove’s January 2020 House Price Index Report* announced that this month has seen a “window of stability”. The report, which draws on the largest monthly sample of residential property prices, quoted a 2.3% surge in the price of property coming to the market nationally, the largest monthly rise ever recorded at this time of year. With the addition of a 15% surge in buyer enquiries since the election Rightmove is suggesting “an active spring market ahead”.
Regional figures on the report are just as encouraging, with the South West seeing a monthly surge in house prices of 1.7%, making an annual change of 2.1% and an average time to sell of just 72 days, one of the shortest timescales of the all the UK regions.
Sean, Partner at Philip Martin said “2019 finished as one of our best ever years and on par with the peak of the market in 2006/07. We worked extremely hard for our clients and seemingly bucked the national trend of instability with December being one of the best months of the year for exchanges. The New Year has started surprisingly quickly, buyers and sellers are already looking to “get on with it” rather than holding off; mainly due to the renewed optimism because the political situation is, on the face of it, more settled. There’s a clear road forward now, whereas before there was uncertainty. There is more confidence now; confidence is everything and there are already encouraging signs for the year ahead and this looks set to continue into spring.”