The “Boris Bounce”
According to recent figures released by Rightmove, UK house prices have increased by the most amount for any January on record. The information shows that, since Boris Johnson obtained a majority in the election on 12 December 2019, the average UK house price has increased by 2.3% to £306,810 adding an extra £6,785 to the average homeowners property price. The North West has seen a slightly smaller increase of 1.1% over the last month making the average house price in Bolton and Bury nearer to £196,537.
The housing market dislikes uncertainty and the election result appears to have provided a window of stability and the market has responded positively. So that’s good news right?
We have seen an increase in the number of potential new buyers and tenants who have been registering their wants and wishes with us, so we can tell them about new property coming to the market, in comparison to November 2019 and December 2019. January 2020 has been busy and we are hopeful that this will continue into the Spring and beyond.
One potential downside to any increase in prices is that first time buyers will possibly face higher prices to get on the property ladder and, as we all know, the housing market is very dependant upon first time buyers to stimulate onward movement.
We have still to see the full impact of Brexit on the housing market but early indications are that we are in for a busy early 2020 and Spring, so the question is will low interest rates and more confidence in the market be enough? Could there be a change in the stamp duty rules, that will give the market a further boost at the next budget?
We are confident of a buoyant property market for both sales and lettings, which will see an increase in volume of both potential purchasers and tenants in the market during 2020.
If you are a looking for to sell your home in Bury please call Cardwells Estate Agents Bury on 0617611215, or if you are thinking of selling your home in Bolton please call Cardwells Estate Agents Bolton on 01204381281. Perhaps you have a property that would like to sell in Manchester (Swinton / Worsley / Walkden / Little Hulton / Manchester City Centre) Cardwells Estate Agents Manchester are on 01617943434. If you have a rental property enquiry, please email [email protected] and our experienced team will be on hand to help.
