Election run-up and Brexit uncertainty fails to knock the property market
The snap general election has not deterred most buyers and sellers from entering the housing market as the price of property coming to market continues to rise.
According to a monthly report by our friends at Rightmove, UK property prices in May continued to be ‘under-pinned by buoyant demand in 2017, with [May] being the fifth consecutive monthly rise. The price of property coming to market has risen by 1.2% (+£3,626) this month to a national average of £317,281, setting a record for the second month in a row’.
The report indicates that:
- In the south east, the monthly change was actually up 2% in May 2017 compared to April 2017.
- The average house price in May 2017 was £426,767, compared to £412,597 in May 2016 – an annual change of 3.4%.
- Nationally, typical family homes have seen the the biggest price rise, recording a 5.4% year-on-year jump.
- Home-owners with children under eleven keep the market moving, as new Rightmove research shows they are twice as likely as the average person to be moving home.
Sometimes a period of uncertainty can lead to a pause in property market activity, but this hasn’t been the case since the announcement of the general election taking place on Thursday 8th June. The report concludes that, ‘the number of sales agreed by estate agents remains robust, being 2% higher in the year to date than the same period in the previous election year of 2015’.
Demand continues to outstrip supply across our residential, lettings and commercial teams. We have a large database of people on the lookout for their dream home, so if you’re thinking of selling or letting your property, speak to our team today on 01903 213 281.
Click here to read the full monthly report by Rightmove.
Content accurate at time of publishing.