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Tuesday, January 17, 2017

Rightmove HPI data for Jan 2017

Rightmove's HPI for January 2017 shows-
  • Newly marketed prices  up 0.4% (+£1,086)  
  • Rightmove visits up by 5%
  • FTB market opportunities up with two/one beds properties on offer up 1.9% from Jan 2016 
  • Fewer BTL investors, with sales down 13.2% in Dec 16 compared to Dec 15

Rightmove's Miles Shipside comments:

“The 0.4% monthly and 3.2% year-on-year price increases are indicators of the continued market momentum from the autumn. Demand for a suitable home is such that visits to the Rightmove website are still up by 5% year-on-year, despite being compared to a period that was boosted by high demand from buy-to-let investors rushing to beat the stamp duty deadline. Year-on-year comparisons for transactions in the first quarter of 2017 should also allow for the distortion of last April’s additional stamp duty tax deadline, as transactions were up 40% in the first quarter last year.

Those planning to buy their first home in 2017 have more choice of properties and less competition from other buyers than their counterparts a year ago. It’s a possible learning point for aspiring first-time buyers that a year ago buy-to-let purchasers acted more quickly and closed deals at a faster rate, appearing not to take a Christmas break. Admittedly they had the financial incentive of a deadline to motivate them, but first-time buyers still have time to act and currently have the incentive of stronger negotiating power to try and mitigate the upwards trajectory of property prices.”

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