The UK’s property market seems to be headed to another ‘Boris bounce’ as sales increased by 12%.

Rightmove reports that throughout the past month, property asking prices rose by over £2,500. Average asking prices for homes are currently close to breaking a record, as they are around £309,399. 

The “Boris bounce”, a renewed economic confidence in buyers and sellers is being seen as the reason behind the surge in prices.

The firm also stated that there was a 12% increase in agreed sales when compared to the same period last year. 

Rightmove’s data is made up of 95% of the British market and suggested that house prices will continue to increase and break records in the coming months. 

“There is a boom in buyer activity outstripping the rise in the number of new sellers, which we expect to lead to a series of new price records starting next month. Buyers who had been hesitating and waiting for the greater political certainty following the election outcome may be paying a higher price, but they can now jump into the spring market with renewed confidence,” said the firm’s director, Miles Shipside.

Moreover, Savills residential research’s Lucian Cook explained, “Our own agents are reporting that the vast majority of buyers remain unwilling to increase their budgets. Accordingly, our advice remains that sellers need to remain pragmatic on price, particularly given some of the uncertainty around an impending budget, the first of the new government.”