Leeds property news: Post election property bounce

Now, it looks as though the days of knock-down prices could soon be over. Many estate agents are reporting a lack of supply and a post-election surge in activity. This imbalance is creating a sellers’ market, especially in sought-after areas.

The latest Rightmove index shows that new seller asking prices rose three per cent in June, bringing the average price of a property coming to market to £294,351.

In Yorkshire, the increase was 2.2 per cent and the average asking price is £173,844. The county was the North’s star performer. The North West saw a 1.2 per cent rise and the North East a 0.2 per cent fall.

Miles Shipside, Rightmove director and housing market analyst, says: “Some buyers had been holding back in the weeks before the election, leading to some sellers suffering an unseasonal price standstill in the late spring. “Now, the unexpected election outcome has caused a strong rebound, prompting an upturn in buyer demand and helping new seller asking prices to hit their highest ever levels.”

He adds that while buyers have been quick to come back to the market, potential sellers have been slower with the result that demand is not being matched by suitable supply in many parts of the country.

Rightmove had its busiest month ever in May with 115 million visits to the website, exceeding May 2014 by 22 per cent. In addition, the busiest ever single day for visits was recorded on Tuesday, May 19 , as home hunters took less than two weeks after the election to get back into their searching stride.