Homebuyer enquiries rose by 15 per cent between December and January, compared to a year ago, signalling a return of optimism to the property market, according to Rightmove.

More than 1.3 million buyers made enquiries about purchasing a home between December and January, creating a 7.4% year-on-year growth in the number of sales agreed.

Whether it's the calm after the storm, which was caused by the Political Election, or Brexit, property prices have increased a staggering 2.3% compared to November, representing the most substantial monthly price increase recorded by Rightmove since they began their index in 2002.

Miles Shipside, Director and Housing Marketing Analyst for Rightmove said: "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, 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."

With the recent political stability and the increase in house prices, the national average asking price for a two-bedroom property is £193,103 for newly-marketed properties.

In turn, this means that First-Time buyers now face higher prices in the starter home market. However, the First-Time buyer market still remains positive, buoyed by cheap interest rates. Add to the fact that the annual rate of increase remains relatively modest at 1.6%, less than the rate of growth in average earnings, meaning that affordability has slightly improved for First-Time Buyers.

So, all in all, the property market looks good for buyers and sellers. With cheap mortgage rates on the market and the calm after the storm, enquiries keep rising amongst buyers and sellers. 

 

Whether you are looking to Buy, Sell or Let, speak with a property expert today by calling us on 0116 275 8888!