Since Boris Johnson and the Conservatives won the general election in December, UK property prices have taken on a life of their own. With the end of political instability – the Conservatives have the biggest majority since the Thatcher years – British property has leapt back to the top of the global assets list.
The message of ‘Get Brexit Done’ resonated with the British people – to that end the UK is out of the EU from the end of January 2020.
According to Rightmove, a PropertyGuru style property website, UK house prices rose over the last month at the fastest rate on record, as sellers feel more confident about the outlook for the housing market.
The average price of properties coming on to the market jumped by 2.3%, the biggest rise for the period since the website started its house price index in 2002. Nearly 65,000 UK properties were marketed on the platform over the month, with an average asking price of £306,810.
Miles Shipside, a director at Rightmove, said the election result had provided a “window of stability” for potential movers after a period of instability since the Brexit vote, which had caused some to put off a move.
He said: “The housing market dislikes uncertainty, and the unsettled political outlook over the last three and a half years since the EU referendum caused some potential home movers to hesitate. There now seems to be a release of this pent-up demand, which suggests we are in store for an active spring market.
“While there may well be more twists and turns to come in the Brexit saga, there is now an opportunity for sellers to get their property on the market for a spring move unaffected by Brexit deadlines.”
UK news outlets are all running with adulatory headlines, such as ‘Post-election bounce sees biggest January rise on record’, ‘Housing market back with a bang as buyer flood back after election’ and ‘Property value climbs at fastest pace in two years’ – so it appears that confidence is back, not only in London but across the country.