Why spring is poised to witness a ‘buyer boom’ for the UK property market

Property prices in the UK are expected to break records in the forthcoming months with experts estimating there will be a ‘buyer boom’ in Britain this spring.

New research reveals that buying activity is continuing to outstrip the number of new sellers entering the market, which is impacting house prices. According to the latest figures, the average price of a property increased by 0.8% – equating to £2,589 – in February 2020. These figures are just £40 short of a new all-time high, reports show.

February’s buoyant figures continue from an even more significant jump in house prices in January, which saw the price of property rise by 4.1% on an annual basis to come close to a two-year high.

Experts are predicting that the house price boom will escalate during the spring. Rightmove has reported that its monthly traffic has increased by 7.2% compared to 2019. Miles Shipside, Rightmove’s director and housing market analyst said:

“There is a boom in buyer activity outstripping the rise in the number of new sellers, which we expect to lead to a series of new price records starting next month.

“The average price of newly-marketed property is just £40 below its all-time high from June 2018, with the typically busy spring market still to come.

“Buyers who had been hesitating and waiting for the greater political certainty following the election outcome may be paying a higher price, but they can now jump into the spring market with renewed confidence,” Shipside added.

If you are looking to buy or sell property at a time when the market is poised to witness a ‘buyer boom’, property auctions can be a great way to buy or sell property. Check out the property we’ve got listed for our forthcoming auction in London.