January 28, 2020   |   Jack Taylor

Post-Election Optimism in the Housing Market Causes House Prices to Rise

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Information released by property market experts Rightmove shows that confidence is returning to the sector (read the full report here). The housing trends for January show that there is a great deal of optimism from both the demand side and the supply side. The strong conservative majority government seems to have gone some way to restoring confidence and has given a “window of stability” to the market, according to Rightmove. 

The figures tell the story quite convincingly. So far, January has seen the largest monthly rise in property prices ever recorded at this time of year: an unprecedented 2.3%.

Not only has there been a rise in house prices, but the actual number of houses sold has gone up too. In fact, there has been 7.4% growth in the number of agreed sales for the period measured, compared to last year. Anyone looking to purchase a property will need to move quickly or they run the risk of being disappointed because so many people are looking to buy right now.

Perhaps the most exciting figure is the number of enquiries since the election, up by 15% compared to the same period last year. It means that there are a lot of people wanting to purchase a property and the coming months are likely to be very busy. 

There is a really strong demand right now, especially among first-time buyers looking to get on to the property ladder. Basic economics tells us that high demand means that sellers can command a higher price, and that has been felt especially strongly in the market for smaller properties, i.e. those with two bedrooms or fewer.

If you’re looking to buy, sell or rent a property in the Burnley, Barrowford, Colne, Barnoldswick, or Nelson areas, you might consider talking to Petty Real. Come into one of our offices and talk to the staff there, they will be able to tell you what your options are, and now with the support of our sister companies Real Financial and Real Legal we can help you with every step of the journey. 

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