In a report released by property website, Rightmove, new-to-market properties in the UK have had their highest monthly increase since March 2018.
Property prices have risen nationwide by an average of 1.1% this month, equating to a £3,500 property value increase on March’s values. This is the largest month-on-month growth in over a year, and is the highest value increase for this time of year since 2016.
Areas such as the North West and the West Midlands experienced up to 3.8% year-on-year growth, while London experienced a 2.2% drop in year-on-year property values.
The report also states that whilst Brexit has had an effect on the market recently, the extension to the deal should provide some short-term relief as uncertainty in the market fades.
Of this change in the market, Miles Shipside, Rightmove director and housing market analyst, added:
“No doubt there are still a lot of twists and turns to come, but this extension could give hesitating home movers encouragement that there is now a window of relative certainty in uncertain times. We are not anticipating an activity surge, but maybe a wave of relief that releases some pent-up demand to take advantage of static property prices and cheap fixed-rate mortgages.”
With the prices in a stronger position than this time last year and uncertainty in the market fading, the UK property market looks to be on track to make some excellent growth in the coming months despite initial Brexit worries.