Foreign Property News | Posted by Zarni Kyaw
British house hunters have flooded the U.K.’s largest real estate site with 1.3 million inquiries in the last five weeks, as the British general election has given the country a heavy dose of political and economic certainty, according to a report from the site, Rightmove.
The deluge of interest from prospective home buyers marked a 15% spike over the same period last year, according to the figures published Monday. The latest data join a series of surveys and reports in recent weeks that point to a rebound in the U.K. housing market since the election, which resulted in a clear win for Prime Minister Boris Johnson and the Conservative Party, and paved the way for a potentially smoother exit from the European Union.
The number of sales rose on the back of increasing interest. Deals increased 7.4% in the month following the election compared to the same period last year, Rightmove said.
Miles Shipside, Rightmove’s director and housing market analyst, said the spike bodes well for the spring buying season.
“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,” he said. “There now seems to be a release of this pent-up demand.”
Confidence is also rife among home sellers. The average asking price in January shot up 2.3%, or £6,785 (US$8,850) more, compared to last month, the biggest increase the site has ever recorded for this time of year.
The country’s largest homes saw the biggest spike in prices. The average price tag for houses and flats with five or more bedrooms shot up 3.1% in January compared to December—3.9% more than a year ago.
Ref: Property Report
