British house prices increased this past month at record-breaking rates, as many homes came to market after the December election.
The House Price Index from Rightmove shows a 2.3 per cent monthly surge (+£6,785) in houses on the market.
Related: Martin Lewis shares ‘absolutely petrifying’ news about overdrafts on This Morning
It's the biggest rise in this period since Rightmove's records began in 2002.
Nearly 65,000 properties were marketed between the 8th December 2019 and the 11th January 2020.
Higher asking prices
The national average asking price stands at £306,810.
It's a sharp rise compared to December 2019's figure of £300,025.
This means most of them came to market after the 12th December election.
Miles Shipside, a director at Rightmove, believes the election's end caused a property market spike.
'These statistics seem to indicate that many buyers and sellers feel that the election result gives a window of stability.'
'The housing market dislikes uncertainty. The unsettled political outlook over the last three and a half years since the EU referendum caused some potential home-movers to hesitate,' continued Shipside.
Rightmove believes there's been a release of a 'pent-up' demand since the election.
Additionally, these January numbers point towards an active spring market.
Post-election boost
Since the general election, over 1.3 million buyer enquiries have been made. This is a 15 per cent rise compared to the same period a year ago.
A 7.4 per cent increase in the number of sales agreed over the same period, Rightmove adds.
The previous highest January rise was the 2.2 per cent recorded in January 2015.
Furthermore, this has helped to push the annual rate of increase to 2.7 per cent, the highest level since July 2017.
Related: Switch your energy deal by the end of this month or risk missing out on savings of over £300.
'Whilst a substantial rise is the norm in January (...) this is the biggest new-year price surge that we have ever recorded,' adds Shipside.
'However it is still a price-sensitive market. So sellers should be careful not to get carried away with their pricing and miss out on this window of increased activity.'
-
I put the Simba Hybrid Duvet to the test to see if its 'cool tech' would stop me overheating in bed - here's what happenedAs Ideal Home's Sleep Editor and a self-certified hot sleeper, I tested the Simba Hybrid Duvet on my own bed to see if it's 'cool tech' is worth the investment
-
These are the 4 things I wish I knew before buying outdoor solar lights, so you don’t make the same mistakes I didOutdoor solar lights can be both effective and aesthetic, but only if you buy the right ones
-
These 5 kitchen retailers have the biggest Black Friday discounts we've seen - save money on your renovation just before ChristmasConsidering a kitchen renovation in the new year? This is the best time to buy
