Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

U.K. House Prices Post Record January Jump After Election

Published 01/20/2020, 05:21 PM
Updated 01/20/2020, 06:07 PM
U.K. House Prices Post Record January Jump After Election

U.K. House Prices Post Record January Jump After Election

(Bloomberg) -- Asking prices for U.K. homes increased by the most for any January on record in a sign that the Conservatives’ December election win boosted confidence, according to property website-operator Rightmove.

Values increased 2.3% on the month to an average 306,810 pounds ($400,000) Rightmove said in a report Monday. In London, they gained 2.1% from a month earlier, a departure from the years of Brexit-related uncertainty that disproportionately affected prices in the capital. Both upswings were the largest for the time of year since the house-price index started in 2002.

“There now seems to be a release of this pent-up demand,” said Rightmove Director Miles Shipside. “While there may well be more twists and turns to come in the Brexit saga, there is now an opportunity for sellers to get their property on the market for a spring move unaffected by Brexit deadlines.”

Homebuilders including Persimmon (LON:PSN) Plc, Barratt Developments (LON:BDEV) Plc and Berkeley Group Holdings Plc were among the top gainers in the FTSE 100 index on Monday.

Following the election there was a 15% increase in buyer inquiries compared to a year earlier, Rightmove said.

Prime Minister Boris Johnson’s decisive victory in December provides some clarity on the U.K.’s relationship with the European Union, though there are still significant questions about the longer-term outlook. Experts are skeptical that a new free-trade agreement can be struck in the short period Johnson has set out. He’s ruled out any extension to the Brexit transition phase, due to finish at the end of 2020, meaning negotiators will have just 11 months to come to an agreement.

(Updates with homebuilders in fourth paragraph.)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.