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Wednesday, November 16, 2016

Rightmove's November asking prices

    Properties listed on Rightmove during November 2016 showed -

  • A seasonal fall of 1.1% (-£3,452) this month, a smaller drop than the 1.8% average over the last six years showing signs of a resilient market
  • Two beds or fewer rise by 1.7%, annual growth of £15,000 (+8.2%)
  • Those living with parents or aged between 21 to 24 are most likely to shun attempting to get on the housing ladder according to new research
  • The average first-time buyer now aged 33.

Miles Shipside, Rightmove's housing market analyst comments:

“Overall, house prices continue to hold up well. This is the smallest drop in average November asking prices since we saw the same figure of -1.1% in November 2011. Furthermore, the average time to sell of 65 days is one day quicker than at this time last year. However, price resilience is not good news for cash-strapped aspiring first-time buyers, and in spite of the more subdued time of year the smaller properties that they typically target have increased in price this month, the only market sector to show an increase. Compared to 12 months ago the price of newly-marketed properties with two bedrooms or fewer is up by over 8%, twice the rate of the sectors containing properties with three bedrooms or more. In the sprint to get onto the housing ladder, wage inflation to help meet lender affordability ratios and to save for the larger deposits required is being comprehensively outrun by price increases. 

As well as helping people’s home-ownership aspirations, activity at the bottom rung of the ladder helps the rest of the market to move and through that boosts the wider economy. Short-term options that might be top of a first-time buyer’s list would be a stamp duty holiday exclusive to them. However, there are dangers to increasing demand unless this is matched by policies to improve supply, and more radical steps need to be taken to remove some of the barriers preventing more affordable homes to buy and rent from being built in the right locations.” 

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