According to property website Rightmove, the asking prices for UK homes has hit a new record high as families are willing to ignore the uncertainty caused by Brexit and snap election.
The asking price increased by 1.2 percent in the past four weeks, pushing the average asking price to a new high of £317,281 as wage growth remains weak.
“As well as that shrinking house feeling, parents with young children also have the pressures of travelling times to amenities as well as the weekday school commute,” said Miles Shipside, Rightmove director and housing market analyst.
“These have to be balanced against under-pressure finances, even more so when the sector with the property type that suits them best is seeing the biggest price jump.”
“What seems to be happening is that moving pressures are understandably taking priority over electioneering and Brexit worries. For many in this group, it seems that moving is definitely on their manifesto.”
The 1.2 percent increase in asking prices was the fifth monthly consecutive rise.
Brian Murphy, head of lending for Mortgage Advice Bureau said: “It would seem that this month’s report points to the majority of movers being nonplussed about the election, with their moving plans being driven by circumstantial factors that can’t wait, eg a growing family,”
“The data from Rightmove does tally with Mortgage Advice Bureau’s observations of the market in April with regards written business, which saw one of the busiest weeks on record at the latter end of the month, underpinning consumer confidence and that, despite the current economic and political climate, for many it’s a case of keeping calm and carrying on.”
The annual increase was 3.2 percent, which was seen as “muted” by Lucian Cook, head of residential research at Savills.
“It does fly in the face of some slowdowns reported in other indices and indeed the poll by the Royal Institution of Chartered Surveyors, which is a robust indicator of what is going on in the market.” he added.