The thumping Conservative win following the General Election and a revival in the housing market will see house prices bounce back by 2% increase next year, Rightmove has claimed.
It expects confidence among vendors and buyers to return now that the political uncertainty about the UK’s exit from the EU has been resolved, and predicts that prices in more affordable regions of the north will see rises of up to 4%.
“With much of the political uncertainty removed, we expect that the number of properties for sale will recover as more new sellers come to market, making up some of this year’s lost ground,” says Rightmove’s spokesperson Miles Shipside (left).
“The greater certainty afforded by a majority government gives an opportunity for a more active spring moving season, with some release of several years of pent-up demand.
“However, property supply is still limited, with estate agents having the lowest proportion of properties available for sale in two years, and this will fuel modest gains in the national average asking price of property coming to market.”
A 2% rise in house prices next year would be more than double the current rate of 0.8% but Rightmove warns that particularly in London and the South of England the market remains significantly price sensitive.
Echoing comments by John Bercow at The Negotiator Confererence last month, Rightmore also warns that ‘getting Brexit done’ is going to take many years and that the process will dominate the political agenda for some time to come.