Rightmove records highest ever January property price increase

On the up: there has been a 2.3 per cent increase in the price of property coming to market. Picture

On the up: there has been a 2.3 per cent increase in the price of property coming to market. Picture: Getty Images/iStockphoto - Credit: Getty Images/iStockphoto

The property market is experiencing a “post-election bounce”, with the price of the average home coming to market up by 2.3 per cent (£6,785) in January, according to Rightmove.

This is the largest month-on-month upswing recorded by the property portal at this time of year since its House Price Index began in 2002.

The period immediately after the General Election, between December 13 and January 15, saw estate agent enquiries up by 15 per cent on a year ago, while there was a 7.4 per cent increase in the number of sales agreed over the same period.

Rightmove's director Miles Shipside said the statistics indicate a post-election "window of stability" for both buyers and sellers, with a release of pent-up demand suggesting "an active spring market" is imminent.

Steve Walker of Collinson Hall in St Albans agreed that 2020 has got off to a strong start, with a significant increase in the quantity of new people looking to buy, including a notable number of first time buyers.

But while Collinson Hall have agreed "a few sales" at higher than expected figures, Steve said this was "not yet a trend to rely on".

While the future does look bright, with "the positive vibe from purchasers" being reflected in valuation requests and feedback from sellers, he said that more properties are still needed to offset the supply shortage.

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"The new instructions go some way to satisfy the demand but more are needed to keep the equilibrium," Steve said, adding: "we have yet to see how vendor expectations are matched by those of the purchasers and their view of a forecasted rise in prices."