The housing prices in the UK have soared and have set a record for the fastest rate of growth. This has all been achieved in just the last month. This is attributed to the boost in confidence and a good perspective on the housing market following the general election.
A 2.3% jump in the average price of new to the market prices have been seen. In 2002 the property website started its house pricing index. This 2.3% jump for this particular time signifies the biggest jump since the tracking began in 2002. The average asking price per property was £306,810. Over the month the market saw almost 65,000 listings.
Ceo & Founder of EEH Ventures has stated that even though England has gone through long and economic turbulence, this new trend of improvement is going to continue. He went on to say. “The UK markets are waking up,” said Eitan Eldar, “This is happening because of the outcome of the elections and because Brexit finally became a reality”.
Part of the Credit Goes to the Election Outcome
2019 saw a slow year for the UK housing prices. but this has changed since the turn of the year as prices have been on the rise. A major factor for this has been the General Election victory of Boris Johnson, the new Prime Minister. This has brought a 4.1% rise according to the January housing prices recorded by Halifax.
Expectations for real estate prices are that pricing will continue to increase. A strong indicator of this is the accounts EY producing a 2020 raised forecast of 2.8% from 2% for growth to be realized in the housing market. All of this is as a result of Brexit now becoming a reality.
“Boris Johnson’s winning of the elections was the first indication in the process of stabilizing the economy”, said Eitan Eldar. “The pro-business conservative party winning in such a landslide gave the markets the badly needed relief”.
Following the Brexit Era
Many factors can affect the housing market, but uncertainty is a major factor that can cause hesitation among home movers. As a result of the last three and a half years of unsettlement over the EU referendum, it created a pent-up demand. This has since dissipated as a result of its settlement. This is giving a strong picture of activity for a robust spring market.
“Uncertainty about Brexit is finally over, and the British economy is expected to fully recover during the next few years “, said Eitan Eldar and added: “As uncertainty about Brexit is being replaced with optimism, we will see a lot more people buying homes and investing in real estate – UK real estate is soaring”.
Overall the British population is on a bit of a roller coaster with their mix of emotions of anxiety and excitement. All as a result of the history-making separation of the United Kingdom from the European Union which became official on January 31, 2020. Only time will tell as to what the impact of this happening will have on the Brexit economy. When it comes to market recovery, there is no need to wait to see the recovery as the evidence is already present.