The average value of residential property in the UK rose to £309,399 in February, The Guardian writes, citing figures from the Rightmove portal. The largest UK property website reported growth of over £2,500 per month.
Rightmove data is based on the asking prices for an apartment or a house and not the exact amount of the property transaction, so we should take it just as an activity index of the real estate market. In January, 152 million people browsed the website which is a record visiting numbers in Rightmove’s history.
Moreover, according to the property portal, the numbers of transactions has increased significantly. This figure got up by 12.3%.
The increased activity in the real estate market after a profound drop that took place after the Brexit referendum is mainly associated with the gained political certainty and the withdrawal of the United Kingdom from the European Union. In some areas, such as London’s Camden, asking property prices have fully recovered from last year’s decline: just over £1 million is generally asked for a house there.
Rightmove CEO Miles Sheepside notes that now the market demand exceeds supply, and in the next month we can expect records housing prices. He says that homebuyers were waiting for the end of political instability and are now ready to buy real estate.
