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Post election price bounce

A post-election bounce is responsible for the largest rise in new asking prices ever recorded at this time of year, Rightmove reported earlier this week.

The portal says that new asking prices rose 2.3%, equating to an average of +£6,785, in the period between December 8 and January 11. Nearly 65,000 properties were marketed in that time, and most of them came on to the market after the December 12 general election.

Rightmove said: “It would appear that many of these new sellers are feeling a surge of optimism. Buyers are also optimistic, with a jump in demand since the election. In the period immediately after the election, enquiries to estate agents were up by 15% compared to the same period a year ago. This then led to a 7.4% increase in the number of sales agreed over the same period.”

Their report went on to say, “Whilst a substantial rise is the norm in January, buoyed by the start of a new year, this is the biggest new year price surge that we have ever recorded. One factor behind the upwards price pressure has been the shortage of property coming to market in many areas of the country. 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.”

Although it’s too early for Wilsons to confirm evidence of a price bounce in the Taunton area we can certainly vouch for the fact that a return of buyer confidence and shortage of property produced excellent New Year tidings in our office last weekend.

Having listed a 3 bedroom semi in Ruishton at £220,000 on Friday afternoon, no less than 9 viewings were arranged for Saturday morning, following which multiple offers were received by Monday morning with an inevitable deal being struck soon afterwards.

We believe this is just a sign of an abundance of long awaited sales set to take place. Like the cork in a shaken up bottle, activity has been building up over far too many months now and it’s all set to go POP!

If you, or anyone you know, has been holding back amid all the uncertainty and want to take advantage of this rapidly improving situation, call us in for a free appraisal and expert advice.

We’ll move fast – so you can!

By Chris Willey

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