Thursday 13 February 2020 12:01 am

London house prices buoyed by general election result

London house prices jumped in January, buoyed by December’s decisive general election result, according to the latest research.

A survey of chartered surveyors found that the London house price net balance rose to 28 per cent in January, the highest reading since 2016 and up from minus eight per cent in December. 

Read more: UK house prices leap 4.1 per cent in bumper January – Halifax

The number of homes being listed for sale also increased in January, with 17 per cent of chartered surveyors reporting a rise – the highest reading since December 2017. 

January also saw a continued increase in the number of potential buyers as the net balance of new buyer enquiries maintained a net balance of 30 per cent, according to the Royal Institution of Chartered Surveyors research (Rics). 

Meanwhile, separate research from estate agent Chestertons found that the average asking price for homes in the capital jumped 2.26 per cent between December and January. 

The analysis of Rightmove data showed that asking prices increased from £300,025 in December to £306,810 last month, 

Allan Fuller, of Allan Fuller Estate Agents in Putney, said: “A government with a massive majority and Brexit decided has brought buyers back into the market, our sales have substantially increased in January with values rising. People had been delaying decisions due to massive uncertainty.”

Read more: UK house prices: Post-election surge breaks records

Rics chief economist Simon Rubinsohn added: “It remains to be seen how long this newfound market momentum is sustained for, and political uncertainty may resurface towards the end of the year. 

“But, at this point in time, contributors are optimistic regarding the outlook for activity over the next twelve months.”