UK house prices rose at the fastest recorded rate for the time of year over the last month, according to Rightmove.
They reported a 2.3% surge in the price of property being listed for sale, which is the largest monthly rise the website has ever recorded at this time of year.
Land Registry also reported a 2.2% increase in house prices over the year to November 2019.
Their latest data revealed that as of November 2019, the average price of a property across the UK is £235,298.
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In English regions, the West Midlands saw the largest property price growth in the year, with a 4% increase.
The North West saw the second-largest rise at 3.8%, followed by Yorkshire and the Humber at 2.6%.
December’s election result delivered much-needed stability for home-movers, restoring confidence in the future outlook of the housing market.
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, causing some to put off their move.
He said: “The housing market dislikes uncertainty, and the unsettled political outlook over the last three and a half years since the EU referendum caused some potential home movers to hesitate.
“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.”
— Rightmove (@rightmove) January 20, 2020
And, in the immediate aftermath of the election, between 13 December and 15 January, the number of sales agreed increased by 7.5% compared with the same period a year earlier, Rightmove said.
Rightmove also reported that they received over 1.3 million buyer enquires since the election, up 15% compared to the same period a year ago.
Although the return to a stable market has contributed to the increase in house prices and buyer confidence, there are a few more things at play.
Near record low mortgage rates and employment levels have also contributed to the high levels of activity we’re now seeing.
Head of Edward Mellor Financial Services, Stephen Ridgway, commented on the current mortgage market saying:
“With mortgage interest rates remaining low, this is a great time to review your options and see if that house move is a lot more affordable than you thought”.
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Experts believe that this surge in activity is going to put even more pressure on prices until the market achieves some sort of supply/demand equilibrium.
For those looking to move up the housing ladder, holding off is looking likely to be an expensive choice.
However, as mortgages are still so cheap, those acting quickly could gain a significant advantage.
All the signs are pointing to a highly active spring market. So, if you’re thinking about selling your home, you need to get your property on the market now.
Contact the team at Edward Mellor on 0161 443 4860, we’d love to chat about how we can get you moving.
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