According to Rightmove’s latest House Price Index, April 2019, the price of new-to-the-market property has increased on average by 1.1% over the past month (March-April) – this is the biggest month-on-month rise for over a year and the largest at this time of year since 2016.
The family home sector outperformed other sectors in key metrics as their housing needs outweigh uncertainty; holding value better, with a 0.7% year-on-year price increase compared to a fall of 0.1% nationally for all properties, more likely to sell as the number of agreed is down by 0.4% year-on-year in comparison to the national drop of 1.6%, slightly more willing to come to the market, with 0.7% more new sellers that this time a year ago, compared with a 1.2% fall nationally.
Rightmove have defined the family home sector as being made up of three and four-bedroom properties (excluding four-bedroom detached). Typically, families’ housing needs differ from others and are often driven by the need for more space or proximity to schools, which outweighs the ongoing political uncertainty.
The EU’s offer of a Brexit extension until October coincides with what is usually the busiest time within the property market. As this only currently a postponement, it may last long enough to relive some the short-term uncertainty, so it arrives at an opportune time for the housing.
You can find out more about Rightmove’s latest House Price Index, April 2019 here.