04 Feb 2020

House prices rise at fastest rate on record

Statistics from the UK’s largest property portal show house prices rose at the fastest rate on record for this time of year. 

According to Rightmove, sellers felt more confident about the housing market following the 2019 General Election result, with a period of ‘stability’ after Brexit uncertainty.

Rightmove revealed nearly 65,000 properties came to market in December, with an average asking price of £306,810. Properties coming to market showed the biggest rise for the period since Rightmove began their house price index in 2002, with the average price jumping 2.3%. 

The news reinforces forecasts from the likes of Rightmove themselves, Zoopla, Knight Frank, Halifax and Royal Institution of Chartered Surveyors – who all reported prices could rise from between 1-4% respectively.

Rightmove director and housing market analyst Miles Shipside puts the rise in house prices down to 'increased political stability' following December’s General Election. 

Shipside said: “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.”

The national average asking price for a property with two or less bedrooms has now exceeded £193,000 according to Rightmove and with the micro-markets covered here at Miles & Barr we are certainly noticing a difference. 

We have already experienced a great start to the year, booking a record number of valuations carried out in January, which indicates homeowners in East Kent are following the same trend as the rest of the UK.

The potential of more property coming to the market and confidence gleaned from prices looking positive in 2020 bodes well for an active sales market.