Hindered by political and economic uncertainty, the housing market in 2019 was described as flat by many commentators. House price growth stagnated, potential buyers were hesitant and those looking to sell their properties were cautious. Confidence was low.
However, with the country now having some more certainty, the housing market appears to be on the up again, which is great news.
Buyer enquiries have increased by a significant 15 per cent between December 2019 and January 2020, according to new data collected by Rightmove’s house price index, showing that buyers’ confidence in the market is growing quickly.
This will come as welcome news to homeowners as with more people now looking to purchase their first or next property, we’ve also seen an increase in asking prices across the UK. The average asking price has risen from £300,025 to £306,810 between January and December – a rise of 2.3%.
The data from Rightmove has shown an increase in asking prices across the entire market. The first-time buyer market has seen an increase of 1.6 per cent, and both the ‘second steppers’ and ‘top of the ladder’ markets have also seen a rise of 1.7 per cent and 3.1 per cent respectively.
With more buyers and sellers entering the market, the UK saw a 7.3% rise in the number of sales agreed in January, so whether you’re thinking of purchasing your dream home or selling your existing property, now could be a great time to consider your options.
If you want to talk through your options, whether you’re planning on buying or selling, contact us today.