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Asking price bounce is biggest New Year surge recorded by Rightmove

A post-election bounce is responsible for the largest rise in new asking prices ever recorded at this time of year, Rightmove has reported.

The portal says that new asking prices rose 2.3%, equating to an average of £6,785 more, in the period between December 8 and January 11.

Nearly 65,000 properties were marketed in that time, and most of them came to market after the December 12 election.

Rightmove stated: “It would appear that many of these new sellers are feeling a surge of optimism. Buyers are also optimistic, with a jump in demand since the election. In the period immediately after the election, enquiries to estate agents were up by 15% compared to the same period a year ago. This then led to a 7.4% increase in the number of sales agreed over the same period.”

Rightmove also said that first-time buyers are facing asking prices nearing £200,000 with the average new asking price of a two-bedroom or smaller property now £193,103. The firm added that over 1.3m buyer inquiries have been received by agents via Rightmove since the election, up 15% on a year ago, pointing to a potentially busy spring market, particularly if supply also rises.

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