Benham and Reeves: The Chinese New Year could bring good news to UK homeowners

The Chinese New Year is the Year of the Rat which took place on Saturday 25 January.

Benham and Reeves: The Chinese New Year could bring good news to UK homeowners

The next Chinese New Year could prove to bring positive news for UK homeowners, Benham and Reeves has found.

The latest data on market transactions for the most recent Chinese zodiac cycle (the last 12 years), shows that total property transactions have been the highest of all during the 2020 at over 1.4 million.

Marc von Grundherr, director of lettings and estate agent Benham and Reeves, said: “Much like the Chinese zodiac, the UK property market is cyclical in nature and while we’ve seen some dramatic market realignments in years gone by, its robust nature has ensured that market health always come full circle and prices recover over time.

“The more recent market slowdown spurred by Brexit uncertainty has been but a mere blip in contrast and while we’ve already seen an immediate rebound since December’s election, the data suggests that the impending Year of the Rat will bring yet more market activity.

“Not only does the Year of the Rat (2020) brings with it some previously positive market trends, but the end of Brexit and a refreshed government will help spur a higher rate of transactions and further buoyant price growth over the coming year.”

The Year of the Monkey ranks second for the most transaction with a total of over 1.3 million in 1980, 1992, 2004 and 2016.

The impending Year of the Rat has seen the lowest average house price at an average of just £66,928.

When it comes to house prices across the Chinese zodiac, the Year of the Pig which is thought to bring fortune for UK homeowners.

During these years the average sold price across 1983, 1995, 2007 and 2019 was £121,953.

The Year of the Dog has also been fortunate when it comes to house price values, averaging £118,593 over 1982, 1994, 2006 and 2018.