Monday 17 February 2020 12:01 am

UK house prices: Buyer boom sets scene for record-breaking spring

UK house prices are expected to break records over the coming months as buyer activity outstrips the number of new sellers, according to new research. 

The average price of property coming to market jumped 0.8 per cent – or £2,589 – this month, just £40 short of a new all-time high. 

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

The house price boom is being driven by the release of pent-up pressure following the General Election, and experts said the growth would gain further momentum on the approach to spring. 

Online estate agent Rightmove said monthly traffic was up 7.2 per cent on the previous year, and the number of sales agreed nationally was up 12.3 per cent.

In London, the number of agreed sales jumped 26.4 per cent compared to last year, according to data from Rightmove. 

Rightmove director and housing market analyst Miles Shipside said: “There is a boom in buyer activity outstripping the rise in the number of new sellers, which we expect to lead to a series of new price records starting next month.

“The average price of newly-marketed property is just £40 below its all-time high from June 2018, with the typically busy spring market still to come.

Read more: UK house prices rise 1.9 per cent as buyers hail 2020 ‘Boris bounce’

“This means that spring buyers are likely to be faced with the highest average asking prices ever seen in Britain. 

“Buyers who had been hesitating and waiting for the greater political certainty following the election outcome may be paying a higher price, but they can now jump into the spring market with renewed confidence.” 

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