The average asking price for a property in the UK hit a new record high this month, despite speculation around the housing market slowing down in light of the snap election and Brexit.
Following on from our most recent article, How Will The Snap Election Affect The UK Property Market?, figures released by Right Move reaffirm the strength in the property market with the election run-up and Brexit uncertainty failing to knock market momentum.
RightMove House Price Index reported a 1.2 per cent rise on the average price of a UK home, making the average, a high figure of £317,281, an increase of £3,626 from the previous peak in April 2017. Asking prices have been on an upward trend for the past five years and during that time the average price tag of a home is up by £60,000.
Director of Rightmove, Miles Shipside said: “Whilst all-time high asking prices or economic and political uncertainty could be deterrents to would-be home buyers, this month shows another strong set of figures.”
Pre-election periods often cause a pause in housing activity, but the number of sales agreed by estate agents was 2% higher in the year to date than the same period in the previous election year of 2015, Rightmove said.
“Demand is exceeding supply in many parts of the country and continues to push up the prices of newly-marketed homes. Spring is in the air and home movers are springing up the housing ladder.
The strongest sector for price growth appears to be typical family homes and the report from Rightmove states typical family homes have seen the biggest price rise, recording a 5.4% year-on-year jump.
“What seems to be happening is that moving pressures are understandably taking priority over electioneering and Brexit worries. For many in this group, it seems that moving is definitely on their manifesto.”
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