RightMove publish their latest House Price Index
21st July 2017
21st July 2017
The latest RightMove House Price Index was released to the media this week. You may remember last month we took a look at this useful resource to get a gauge of how our area is performing against the rest of the country. If you are interested in catching up with the last Pricing index or the quarterly Rental Trends Tracker head over to our blog from May.
Let’s take a look at some of the key points to take away from the latest House Price Index.
It seems that there is still a lot of buyer demand with newly marketed property prices staying very steady as we go into the slightly quieter summer season. The market is usually affected by people being away on holiday and not wanting to disrupt the school summer holidays.
The key factors also remain steady – demand is still high and interest rates are still low, the same can be said for unemployment levels. In fact, the number of sales agreed in 2017 is almost identical to this period in 2016.
In many parts of the UK “potential buyers are seeing the highest proportion of properties marked as sold than at any time in the last seven years” RightMove
Even with an increase of 7.6% of new sellers coming to market this month vs. this time last year, the buyer’s choice is still restricted as housing supply can’t keep up with such a high sales and buyer demand.
The Price Index also identified that buyers’ reluctance to stretch their budget is acting as a price brake with national average at +2.8%.
Here at Ashington Page we have completed 35% more sales in the first 6 months of this year compared to the same period last year – so while the market might be slowing nationally our area continues to be a bit of an exception to the rule.
If you would like to read the full report you can find it on the RightMove website.
The next House Price Index will be released on 21st August, we will be sure to update you on the latest developments so please keep an eye out on our website. If you would like to talk to a professional about your options you can call us on 01494 680018 or email us. Don’t forget to follow us on Facebook and Twitter for updates on the local community and property news.