House prices in the UK rose during December at the fastest rate on record for the time of year, with sellers generally feeling more confident for the property market after the general election.
The average price of new properties on the market jumped by 2.3 per cent, which is the biggest rise for the period since property website Rightmove began its house price index in 2002. Nearly 65,000 UK properties were marketed over the month, with the average asking price of £306,810.
According to Homes & Property, the average asking price for London properties has been pushed to £612,500. 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.
The housing market was disrupted by the uncertainty due to the unsettled political outlook over the last three and a half years since the EU referendum, which caused many potential home buyers to be hesitant. While there may still be more twists and turns to come with Brexit, there is opportunity for sellers to market their properties for a spring move unaffected by Brexit deadlines.
However, first-time buyers now face record high prices to get on the property ladder, with the national average price of a two-bedrooms or less house now reaching £193,103. First-time buyer activity has remained strong, with cheap interest rates and the high cost of renting as cited causes.
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