Post-election jump in buyer demand highest in London
There are initial signs of an uplift in buyer demand now the election is over with the biggest increase in London, according to new figures from Rightmove.
In spite of the usual seasonal slowdown as we head towards Christmas, demand across the UK from prospective buyers increased by 28% in the four days after the election (Friday 13 – Monday 16 December) compared to the same four days in 2018 (Friday 14 – Monday 17 December), with the biggest increase recorded in London, up 54% on the previous year.
The biggest jump in searches took place in Scotland, with searches more than doubling in Edinburgh and the Scottish Borders on Friday 13th December compared to the previous Friday.
Rightmove’s Commercial Director and Housing Market Analyst Miles Shipside comments: “Some of the pent-up demand from the ‘wait-and-see’ buyers is starting to show signs of being released, despite the distractions of Christmas. We often see a spike following an election, but it’s more surprising this year given the seasonal slowdown, perhaps because some home hunters know they’re more likely to get a bargain if they can agree a sale before Christmas. While it’s too early to see an uplift in new stock we do think this will start to come through after Christmas and into January. This year five of the top ten busiest days on Rightmove were all in January so with a bit more political certainty than before we could be shaping up for an active January market.”
Simon Hughes, Managing Director of Conran in South East London, said: “Since Friday we’ve seen more motivated buyers coming to the market, as well as an uplift in potential sellers wanting their property valued, which has given an unexpected boost to the end of the year. It’s not usual for our diaries to be this jam packed just before the Christmas break, so we’re now gearing up for a very busy January.”