House prices hit a record high in April as families looking to upgrade their property ignored uncertainty over Brexit and the upcoming election.
According to Rightmove, prices went up by 1.2% to £317,281 – the highest ever recorded.
Rightmove said that pre-election periods typically cause a pause in activity, but price growth and strong year-to-date numbers of sales agreed indicate that many are undeterred.
The strongest sector for price growth appears to be family homes.
Home owners with children under eleven-years-old are twice as likely as the average person to be moving home. Their typical target property types are three bedroom homes and four bedrooms excluding detached property.
The price of property coming to market in this sector has seen the biggest increase over the last twelve months, up by an average of 5.4% (£13,960) to £270,953.
Miles Shipside, Rightmove director and housing market analyst, said that the desire of families to move to a bigger property outweighed uncertainty caused by the election or Brexit that delayed the plans of others.
“As well as that shrinking house feeling, parents with young children also have the pressures of travelling times to amenities as well as the weekday school commute. These have to be balanced against under-pressure finances, even more so when the sector with the property type that suits them best is seeing the biggest price jump.
“What seems to be happening is that moving pressures are understandably taking priority over electioneering and Brexit worries. For many in this group, it seems that moving is definitely on their manifesto.”
The 1.2% is the fifth consecutive monthly rise and up slightly on last month’s 1.1%.
The number of sales agreed by estate agents remains robust at 2% higher than the same period in the previous election year of 2015.
However, the second half of the year may be a different story as house buyers start to feel the squeeze from rising inflation and stagnant wage growth.
“It remains to be seen how much momentum may drop away in the second half of the year with stretched affordability a problem for potential buyers, though competition among lenders who are keen to lend will help some to push their budgets higher,” Shipside said.
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