x
By using this website, you agree to our use of cookies to enhance your experience.

TODAY'S OTHER NEWS

Average asking prices in Britain break £300,000 barrier, says Rightmove

Asking prices for homes in Britain have increased marginally in the last month, while demand on the house-hunting website Rightmove has also risen, new figures show.

Asking prices for homes coming onto the market in Britain rose by 0.4% on last month to hit an average of £300,245, the third highest rise in the December-January period since 2017, according to fresh data from the property website.

The first snapshot of 2017 sees demand increase with Rightmove visits up 5% year-on-year since Boxing Day.

Advertisement

Miles Shipside, Rightmove director and housing market analyst, said: “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.”

Rightmove said that there was a rise in the supply of smaller properties on the market which may benefit first-time buyers, as fewer buy-to-let investors are currently looking to add to their portfolios, especially when compared to this time last year when there was a rush to complete deals before the 3% stamp duty surcharge was introduced in April for anyone buying an additional property.

Shipside added: “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.”

icon

Please login to comment

MovePal MovePal MovePal
sign up