In response to the ONS House Price Index published this morning which showed that the average UK house price decreased by 0.6% in the 12 months to January, to £282,000, Nick Leeming, Chairman of Jackson-Stops, comments:

“Today’s figures show that despite a subdued start to the year and extended winter lull, buyers and sellers are both demonstrating confidence in the market by recommitting to their searches. Across the Jackson-Stops network in February we saw an uplift month-on-month in appraisals, listings and exchanges, as well as a consistent number of prospective buyer enquiries year-on-year. Regional hotspots for Jackson-Stops such as Barnstaple, Chelmsford, Newmarket and Sevenoaks, saw a significant uptick in new buyer enquiries compared to new instructions in February, demonstrating the demand for homes in popular commuter towns and rural hubs across England.

“Whilst affordability challenges do remain, with mortgage rates teetering up slightly in recent weeks and competitive deals staying on the market for just a matter of days, the mid-market and where committed buyers can press ahead with purchases is accelerating at pace. If our national office statistics are any indication, the Spring Bounce will be upon the market in haste this year, allowing home movers who are keen to be in over the summer optimal choice and agility.

“The Spring Budget did little to provide clarity or insight from the government on possible manifesto pledges when it comes to housing, nor did it address many of the issues around downsizing or housebuilding, which leaves open many unanswered questions ahead of an expected Autumn election. However, with the housing market driven almost exclusively by supply, the engines of our market will keep powering on well into the Autumn and beyond, likely to show remarkable resilience just as it has done in the past few years. Lifestyle becomes even more of a driver as we head into the summer, likely to spotlight waterside and rural markets once again.”