Prices Rising, Market Strong. Time to Move.

News at Trigg & Co | 20/01/2020


Prices Rising, Market Strong. Time to Move.

Trigg and Co News / By 

We predicted it, and now Rightmove confirms it.

Just a couple of weeks ago we predicted a ‘Boris Brexit Bounce’ and there is no doubt it’s happening.

Dont just take our word for it. Here’s the latest Rightmove monthly house price report which came out today.

This what Rightmove had to say:

“This month’s 2.3% rise in new seller asking prices is the largest that Rightmove has recorded at this time of year since we started our House Price Index in 2002.

 

Here at Trigg & Co we call it the ‘Boris Bounce’.

Post-election bounce as optimism returns

The previous highest January rise was the 2.2% recorded in January 2015. This has helped to push the annual rate of increase to 2.7%, the highest level since July 2017.

The biggest January rise Rightmove has ever recorded
  • 2.3% (+£6,785) surge in the price of property coming to market, the largest monthly rise we have ever recorded at this time of year
  • Increased optimism also releasing pent-up demand as would-be buyers judge the election result gives a window of stability:
    • Over 1.3 million buyer enquiries since election, up 15% compared to same period a year ago, suggesting an active spring market ahead
    • 7.4% growth in number of sales agreed, as early birds act quickly
    • Strong desire to get onto the housing ladder results in first-time buyers facing all-time highs in the price of properties with two bedrooms or fewer

Miles Shipside, Rightmove director and housing market analyst commented:

“Whilst a substantial rise is the norm in January, buoyed by the start of a new year, this is the biggest new-year price surge that we have ever recorded. However it is still a price-sensitive market, with stretched buyer affordability, so sellers should be careful not to get carried away with their pricing and miss out on this window of increased activity. One factor behind the upwards price pressure has been the shortage of property coming to market in many areas of the country, with some would-be sellers postponing their moves until they judge the outlook to be more certain. 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. ”

For those who can afford to move and have been putting it off, now would appear to be a good time to get a view from a local estate agent on their property’s value, and a mortgage quote for the great fixed-rate deals that are currently available.

So why not get the ball rolling and ask us right now for a FREE, NO OBLIGATION valuation from our expert local Island experts.

What are you waiting for??