Rightmove release their updated House Price Index
Tuesday 20th February 2018
The property market appears to be making a positive increase in activity in time for the spring market. Rightmove have just released their updated House Price Index, summarised below.
Demand for housing remains resilient, with an active start to 2018. Indeed, the number of monthly visits to Rightmove in January is at its highest ever level, at over 141 million. This has helped to fuel a degree of cautious optimism among new-to-the-market sellers in most regions of the UK, with average asking prices up by 0.8% (+£2,414) this month.
All regions but one have seen the price of newly-marketed property increase this month, with the South West being a very marginal exception with a fall of just £131. However, the annual rate of increase remains subdued at just 1.5%, dragged down to a degree by London’s year-on-year fall of -1.0%. But despite buyers’ price-sensitivity, home-hunter visits to Rightmove have hit a record high.
There are signs that the increased home-hunter activity is fuelling a recovery in the number of sales agreed, which in Q4 of 2017 were running at an average drop of -5.5% compared to the prior year. Taking the first full month of 2018 as a snapshot, sales agreed numbers in January have now recovered to -1.6% down compared to a year ago. Again there are marked local market differences, but Rightmove analysis of properties that have been newly listed since October 2017 and have been marked as sale agreed reveals that six out of the top ten fastest selling locations are in either the East or West Midlands. However, top of the quick-to-sell league is Livingston in Scotland, selling at an average of only 17 days, for those properties that have been newly listed since October 2017 and have sold.
Click here to read the full report http://bit.ly/2HxGUMS