Monday, April 24, 2017

Property asking prices hit new high

Rightmove's asking prices for newly marketed property has hit an all time high.

The average UK property asking price in April 2017 is up by 1.1% over the course of the past month.

  • The average asking price is at £313,655 (+£3,547). 
  • Annual growth slowing, now at 2.2%.
  • First-time buyer properties annual growth of 6.5%, to £194,881.
Rightmove's Miles Shipside comments: 

“High buyer demand in most parts of the country has helped to propel the price of newly marketed property to record highs. There are signs of a strong spring market with the number of sales agreed achieved at this time of year being the highest since 2007. It remains to be seen what effect the run-up to the snap election will have, though any slowdown in activity will be counter-balanced by the market’s current fast pace. Indeed, in locations where choice of suitable property is limited hesitation could mean losing out to others who still decide to act.

Increasingly stretched buyer affordability will continue to be a price moderator for sellers who are over-ambitious with their pricing, tempering the pace of price rises. Strong buyer activity this month has led to 10% higher numbers of sales agreed than in the same period in 2016. This large year-on-year disparity should be viewed cautiously as the comparable timespan in 2016 saw a drop in buy-to-let activity with the additional second home stamp duty. However, they are also up by 3.8% when compared to 2015. With the growth in household numbers and new-build supply struggling to keep pace, demand is strong and has led to the highest sales agreed numbers at this time of year since the heady pre-credit-crunch levels.”

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