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House prices see 2.3% monthly surge

NerdWallet Mortgages House price growth

Property prices increased by 2.3% between December and January, amounting to £6,785, Rightmove’s house price index has revealed.

There have been 1.3 million buyer enquiries since the election, up 15% compared to the same period a year ago.

Meanwhile there has been a 7.4% growth in number of sales agreed year-on-year

Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “Although Rightmove looks at asking rather than selling prices, they provide an important indicator of market activity, not least because this survey has been around for such a long time.

“Asking prices can be notoriously unreliable but these confirm what we have been seeing on the ground for the last month or so.

“Sellers inevitably are a little bit more optimistic at this time of year but it remains to be seen, probably by the end of January/beginning of February, whether these higher prices, much of which is driven by shortage of stock, actually turn into agreed prices and transactions.”

James Anderson, operations director of property lender MT Finance, said: “Political uncertainty has, at times, brought the housing market to an almost complete standstill and while we are early into 2020, we are starting to see demand overcoming doubt.

“We hope the early movers – often professional investors who recognise that there are great deals out there – will be met by vendors who respond with the necessary supply as we move into spring.

“And in a more settled political climate where prices are starting to rise, we fully expect them to do so. Among those who see light at the end of the tunnel, optimism is high.”