House hunters ‘bored with Brexit’ lead to prices rising

The average asking price on a home jumped by nearly £3,500 in April – marking the biggest month-on-month rise in over a year – according to a property website.

House hunters 'bored with Brexit'

Across Britain, the average price of new-to-the-market properties increased by an average of 1.1 per cent or £3,447 in April, Rightmove said. It was the biggest month-on-month rise since March 2018.

Estate agents said “bored of Brexit” home buyers and sellers cannot keep putting their lives on hold and want to get on with moving.

The average asking price on a home is now £305,449 - which is still 0.1 per cent lower than a year ago despite the spring bounce in April.

Rightmove said it is usual to see prices increase at this time of year, but this is still the biggest increase seen for the month of April since 2016.

But it said the uncertain political backdrop continues to hold back the market, with new seller asking prices, the number of properties coming to market and the number of sales agreed all below this time last year.

Miles Shipside, Rightmove director, said: “The rise in new seller asking prices reflects growing activity as the market builds momentum, egged on by the arrival of Easter.

“Some sectors of the market and some parts of the country have strong buyer demand and a lack of suitable supply.

“However, on average, properties are still coming to the market at slightly lower prices than a year ago.

“It’s one of the most price-sensitive markets that we’ve seen for years, with buyers understandably looking for value or for homes with extra quality and appeal that suit their needs.”

Rightmove said family homes with three and four bedroom properties, but excluding four-bedroom detached homes, are currently holding their value particularly well. These properties are coming to the market at asking prices 0.7 per cent on average higher than a year ago.

Owners of this type of property are also slightly more willing to come to market, with 0.7 per cent more new sellers than this time a year ago, compared with a 1.2 per cent fall in new-to-the-market sellers nationally, Rightmove said.

This sector is also more likely to sell, with the number of sales agreed down by just 0.4 per cent compared to this time last year, while the national average drop is 1.6 per cent.

Mr Shipside said the Brexit extension could also now give hesitating home movers encouragement “that there is now a window of relative certainty in uncertain times”.