The UK housing market is now skyrocketing upwards and full of activity since the election results are in and the direction of the market is clearer. House prices have surpassed all expectations and are higher than ever. The Conservative election victory allows those not knowing what to expect in the coming months to have a better idea and plan accordingly. The average asking price within the market is almost £295,000, which made a 3% leap forward from the month of May to June, according to Rightmove.

This increase is in direct contrast to the decrease which occurred from April to May when buyers were faced with the possibility of paying for a mansion tax.

Miles Shipside of Rightmove commented on the results of the election and the subsequent impact, saying: “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.”

Shipside added: “The election surprise has given a boost to market sentiment, driven by more certainty about future economic and taxation policies.”

The market remains strong for those with adequate resources to afford property. Currently, demand is quite high, but supply is not maintaining the same pace. This could result in many first timers being squeezed out of the opportunity to join the ladder. The current average asking price for a first timer is more than £175,000.

Remortgage activity remains strong as the buying season begins to heat up and house owners take a long look at their current situation and how to make it better. Improving one’s financial status typically includes obtaining a remortgage, whether it is during the buying season or not.