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Market Commentary – An Active Spring Property Market Ahead! Posted: 22nd January 2020

The UK is experiencing a post-election bounce as optimism to the property market returns.

Following the general election in December, there has been a 2.3% monthly surge in the average price of property – the largest ever recorded rise at this time of the year. Nearly 65,000 properties came to the market in the three weeks following December 8th, with most of these being listed just after the general election. Since the election there have been 1.3 million buyer enquiries. This is a rise of 15% compared to the same period last year which points to the likelihood of an active spring market.

Buyers are showing a high level of confidence with a jump in demand. Just after the election there was a 15% increase in enquiries to estate agents compared to 2018, resulting in a 7.4% increase in sales agreed during this period.

It appears that home movers who have put their plans on hold in the run up to the election and Brexit are using this window of stability to get on with moving. There has been a particularly strong desire for first time buyers to purchase a home in as first-time buyers facing all-time highs in the price of properties with one or two bedrooms.

The housing market dislikes uncertainty. An unsettled political outlook since the EU referendum has caused hesitation among home-movers. We will now see this pent up demand released, making for an active spring market. Since the election there have been 1.3 million buyer enquiries to agents with seller asking prices at the highest recorded since the Rightmove House Price Index began in 2012.

With affordability stretched, it’s still a fairly price-sensitive market so sellers need to be realistic with pricing in order to take advantage of this window of activity.

This is a great opportunity for sellers to get their property on the market for a spring move unaffected by Brexit deadlines.

2019 House prices

House prices in the UK crept up despite Brexit uncertainty last year. At the end of 2019 house prices were 1.4% higher than at the start of the year according to Nationwide. House prices rose sharply in November and December indicating that the market was getting back on its feet after uncertainty. Halifax reported that annual house price growth in UK had slowed to the lowest pace since 2014. Despite this, the housing market held up well due to strong employment, low mortgage rates and a lack of supply which supported prices.

Looking to buy a new home?

Take advantage of this period of confidence and stability. When you instruct Nicol Estate Agents to sell your current home, we are happy to assist you to find your new home, review home reports and give you advice on offering for another property based on our local market intelligence and knowledge.

Whatever your reason for moving; whether it's for extra space, to downsize or you may simply have found your dream home, Nicol can help. Our knowledge of the local property market helps us develop a marketing plan that's right for you and your property.
We want our clients to be delighted with the service we provide. Listening to your needs and understanding your requirements is our starting point. To find out more about our approach to selling homes, download our comprehensive Guide to Selling your Property here.
If you are planning on selling your home, contact Nicol Estate Agents today for an appraisal of your property. Our Managing Director Douglas Nicol and Sales Manager Daniel Cohen carry out hundreds of market appraisals every year, giving them an intimate and unparalleled knowledge of the property market in Glasgow, from city centre apartments to family homes and building plots. We will talk to you about the property market in your area, compare sales evidence, local demand for similar properties, outline our tailored marketing plan and provide details of our sales support strategy right through to completion.