Rightmove records highest ever January property price increase
- 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.
- 1 Suspected loan sharks arrested in Hemel Hempstead
- 2 Meet the artist behind The Queen's Platinum Jubilee mural in St Albans
- 3 Building company resurfaces bridleway to provide safe route for riders and walkers
- 4 St Albans shop showcasing small independents by renting out shelves
- 5 See inside this loft style apartment in a former hat factory
- 6 Foodies queue to try street food sourced, cooked and served in Herts
- 7 Train timetable shakeup due in St Albans and Watford from May 15
- 8 MoonWalk success for the St Albans cancer survivor and her Belgian Buns
- 9 Company of Ten's A Bunch of Amateurs production 'milks the comedy for all its worth' at the Abbey Theatre
- 10 Harpenden neighbours condemn plans for builders merchant next to residential properties
"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."