THE DECISIVE result of the General Election sparked a record-breaking surge in the price of property put up for sale in December and January, in the latest sign that the UK housing market has been revitalised by the so-called Boris bounce.

There was a 2.3 per cent monthly surge in the average price of property coming to the market between 8 December and 11 January, the largest jump ever for that time of year since Rightmove records began in 2002.

Nearly 65,000 properties were put on the market during the period, meaning most were advertised for sale following the General Election on 12 December, according to the property platform's House Price Index. There has also been a jump in buyer demand since the ballot. Enquiries to estate agents between 13 December and 15 January were up 15 per cent compared to the previous year, with an extra 1.3m buyer enquiries following the election.

The number of sales agreed spiked 7.4 per cent during the same period as buyers made the most of the renewed political certainty.

Rightmove director and housing market analyst Miles Shipside: "These statistics seem to indicate that many buyers and sellers feel that the election result gives a window of stability. "The housing market dislikes uncertainty and the unsettled political outlook over the last three and a half years since the EU referendum caused some potential home movers to hesitate."

He added that the UK should expect an "active spring market" following the release of "pent-up demand".

London's property market has also benefitted following the General Election. In December, 31 per cent of chartered surveyors saw a rise rather than a fall in enquiries from new buyers, up from minus 12 in November, according to the latest Rics data.

"We have absolutely seen a postelection bounce — quite substantially actually," said Marc von Grundherr, director at Benham & Reeves.

(c) 2020 City A.M., source Newspaper