Evidence of a Burnham bounce?

The recent August House Price Index produced by Rightmove has highlighted an increase in buyer demand since Andy Byurnham became Prime Minster.

The leading property portal says that since July 20th, the date when Mr Burnham took office, buyer demand has increased by 5%.

There has also been increase in prices in the northern regions of England of 1.5% compared to the same period last year. This is in stark contrast to the southern regions where the average asking price of a newly-listed property has dropped by 2% (£7.360) and represents a much larger drop than would usually be the case in August.

Sellers coming to market in the summer holiday period are cutting prices and the amount of available stock is higher than at any time since 2014.

Responding to the Rightmove report, Ben Furnell of Furnell Residential said; “August is a traditionally quiet month and this year we have had the hot weather to contend with along with wider economic and geopolitical uncertainty, while mortgage rates have also remained a consideration for prospective purchasers, all of which puts a dent in buyer confidence.

“However, the improving buyer demand is a major positive and will hopefully carry on into the key Autumn period.

“For buyers coming to market, ensuring pricing is reflective of current market conditions remains crucial and particularly when vendors are presented with more choice. This means using an estate agent who has a thorough knowledge of the local property landscape and market conditions – which is why more and more people are trusting Furnell with the sale of their most valuable asset.”