It’s been a positive end to the year for the property market, with optimism on the immediate horizon. Property asking prices have risen by almost three per cent since the General Election, which is the largest monthly rise ever recorded for the period over Christmas and New Year. The UK’s banks approved over thirty thousand mortgages for house purchases in December too. That’s according to UK Finance.
Property market enjoys a boost during the post-Christmas period
A rise in prospective buyers after Christmas was reported by Rightmove in its asking prices report, which covered the period from the middle of December to the middle of January. There were almost 105,000 house transactions in December, a time of year when sales are normally lower.
London usually tops the list for being the most expensive city in which to purchase property in the UK. However, with a slight fall in prices there, the city is once more becoming an attractive place to live and work.
The rise in the number of sales agreed meant more prospective buyers were opting to act promptly following the election results. The housing market has also seen an increase in interest from first-time buyers who are making the entry into the market.
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According to The Guardian, UK house prices rose after the election at the fastest rate on record for the time of the year. Sellers appeared confident about the immediate future of the housing market after the election, according to Rightmove.
It may have been the promise to ‘get Brexit done’ that prompted stability across the UK and contributed to the market boost. This ‘Boris Bounce’ may or may not be short-lived and it’s difficult to predict the long-term future. What happens next will depend on the success of the negotiations on the future of Britain and the EU.