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Sales agreed, prices and time to sell increasing despite election, says Rightmove

Strongly upbeat picture of market from UK's leading portal issued today.

rightmoveThis summer’s election campaign is having a less corrosive effect on sales levels than two years ago when David Cameron made his bid for power, Rightmove has claimed.

Its monthly house price index reveals that the number of sales agreed so far this year is 2% higher than during the lead up to the 2015 general election.

Rightmove also reckons that the number of days it takes to sell a property is reducing too, down from 79 days in January 2017 to 60 days in April 2017. The reduction is even sharper in London, where in January it took 71 days to sell a home, compared to 53 days in April.

Stock levels are rising too, Rightmove says. The number of properties for sale per agent has risen from 52 in January to 57 in April.

House prices are also rising, the portal’s index reveals, increasing during April by 1.2% or £3,626 on average, the fifth consecutive rise.

All-time high

rightmove“Whilst all-time high asking prices or economic and political uncertainty could be deterrents to would-be home-buyers, this month shows another strong set of figures,” says Rightmove’s spokesman and director Miles Shipside (pictured, left).

“Demand is exceeding supply in many parts of the country and continues to push up the prices of newly-marketed homes. Spring is in the air and home movers are springing up the housing ladder.”

The busiest market for agents is parents with young children under eleven years old, who Rightmove says are twice as likely to move than the average home owner.

This group are second steppers looking for three and four bedrooms homes, a category of property that has increased in price the fastest over the past year, up by 5.4%.

Nicholas LeemingNick Leeming, chairman of Jackson-Stops & Staff (pictured, right), says: “Our branches in the home counties across Surrey and Kent are seeing particularly strong interest from second-steppers.

“These are typically young families who bought their first home in London around four to five years ago, some will have taken advantage of the Help to Buy incentive, and nearly all would have benefited from a significant equity increase in their home.”

May 22, 2017

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