Figures released by property search website Rightmove suggest that Boris Johnson’s election victory has had a positive effect on the housing market.
UK house prices have seen a 2.3 percent rise since the general election in December. Adding £6,785 to the value of the average home, this is the largest monthly increase for this time of year since 2002.
Political uncertainty since the EU referendum certainly effected people’s decision to move, and the housing market as a whole became more stagnant as a result of Brexit. However, it seems that home movers have faith that Johnson will stabilise the market as estate agents have seen inquiries increase by 1.3 million since he was voted into Number 10.
Whilst we are still very much in uncharted waters with Brexit, a 7.4 percent increase in the number of sales agreed is a promising sign and it appears that people are trying to secure a move unaffected by Brexit deadlines.
Daniel Wilmot, who oversees our conveyancing team, commented on the increase:
“The 2016 referendum had a massive impact on the housing market. Buying a property is one of the biggest investments you will ever make. The economy was volatile and people were understandably cautious. It was rational for people to want to see things stabilise before they entered the market. However, these figures are propitious and I hope that the increased confidence in the property market continues to grow.”
Here at Stephens Wilmot Solicitors we are able to offer guidance and support at every stage of the conveyancing journey. So whether you have questions about the home moving process, or you are ready to enlist our services, our conveyancing team are ready and waiting to assist you. Contact us today for more information.