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Monday, January 19, 2015

Rightmove house price index for Jan 2015

Rightmove's latest house price index has been published today.

As if we didn't already know, the nation appears to be ever more property obsessed. The country's largest property portal has posted yet more growth in visitor traffic, with the highest ever Rightmove page views on Sunday 11th January and site visits to date up over 10% on last year.

Other key points are -
  • Price of property coming to market up 1.4% (+£3,798) in a month where prices usually fall
  • Upwards price pressure as the number of properties coming to market (+2%) fails to replenish agents’ historically low stock levels – currently 10% below same period last year
  • Activity boosted by Stamp Duty savings of up to £1,250 for some first-time buyers – double incentive for early-birds as average property price in this sector is down by £1,132 this month
  • In spite of the above and low mortgage and inflation rates, sellers will have to work harder in 2015 than in 2014:- election jitters and mortgage restrictions suggest a moderate reduction from the high transaction volumes seen in 2014 
  • - 2015 will be the ‘Year of the Selective Mover’ 
  • - lenders are selecting buyers who are good risks to lend to, and in turn buyers are very selective with the properties they choose.
Miles Shipside, Rightmove director and housing market analyst comments:

 “Early 2015 statistics currently point in the right direction for home-movers, with the Chancellor’s early Stamp Duty Christmas present perhaps being the spur for people making New Year resolutions to get on with moving. There are more positive signs of early-bird activity rather than pre-election jitters or economic worries deterring prospective movers. However, we are only a few days into the year and it remains to be seen whether this initial flurry is sustained.”

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