The EU’s Brexit extension is providing short-term relief for the property market. The latest data from Rightmove shows the price of new-to-the market properties rising by 1.1% (£3,447) in April, the largest monthly rise seen since March 2018.
Despite the uncertainty around Brexit, market activity remains resilient with would-be buyers and sellers still having housing needs to satisfy, especially in the family home sector.
The family home sector is outperforming other sectors as their housing needs outweigh the political uncertainty. Family homes are holding their value better, with an average 0.7% year-on-year price increase, compared to a fall of 0.1% nationally for all properties.
‘One of the most price-sensitive markets for years’
Miles Shipside, Rightmove director and housing market analyst comments: “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.”
Buyers ‘getting back to business as usual’
Nick Leeming, Chairman of Jackson-Stops, comments:”With Brexit delays becoming somewhat of a blur, buyers across the country are getting back to business as usual and are re-establishing the search for their dream home. However, with demand currently far outweighing supply, buyers, particularly those in the family homes market, have become frustrated at the lack of new homes coming to market. This greater competition has resulted in upward pressure on prices, so it is perhaps not surprising to see today’s data showing a greater monthly price increase.”