Yes, the ‘Boris Bounce’ really is happening, says leading research firmThere has been fierce debate over whether the market has picked up since the General Election, but figures from TwentyCI do point to a pick-up in activity.Nigel Lewis
The expected uplift in the property market following the General Election and the road to Brexit subsequently being cleared is happening, it has been claimed - albeit this is evident only around London (so far).
But it is not just enthusiastic sales directors making the claim, but leading property industry research company TwentyCI, which has called the start of the ‘Boris bounce’.
When the property sales market over the past five weeks (from late December until the third week of January) is compared to the same period last year, the number of sales agreed SSTC is up by 6% and exchanges have increased by 3%.
In the prime market for homes for sale over £500,000, sales agreed SSTC are up by 10% and exchanges by 12%.
And in the rarefied strata of the super-prime market for homes over £1 million, the number of sales agreed have increased by 11% and the number of homes coming to the market are up by 17%
But the ‘Boris Bounce’ has yet to translate into new listings in other markets.”
TwentyCI says the number of homes being listed for sale is down 7% year-on-year overall and static in the prime market.
“Whilst we are not expressing a political opinion, government stability has been lacking for some time and this has not been good for the property market,” the company says.
It also quotes leading consumer researcher Joe Staton of GfK, who says: “There is a clear sense of change in consumer sentiment this month.”
“We haven’t seen such a robust increase in confidence about our economic future since the summer of 2016.”
London agency Chestertons has also reported a January uplift in figures released yesterday. It says that between the 2nd and 12th January, sales enquiries were up on last year by 76%, while new buyer registrations and the number of offers being made on properties were up 15.6% and 43.7% respectively.
Credit The Negotiator Magazine
It will be interesting to see if the 'ripple' effect of this good news story will make it across the Irish Sea. Watch this space