New asking prices bounce up – especially for first-time buyers

Properties coming to market appear to be in a post-Brexit vote bounce, Rightmove has claimed.

The portal’s September house price index found that the asking price of property coming to market rebounded by 0.7% in the month, up £2,277 to £306,499 following a 3% drop in the previous two months.

The figures are up 4% annually, just below the 4.1% annual growth recorded in August.

First-time buyer properties, those with two bedrooms or fewer, showed particularly impressive gains, jumping 3.3% in a month or £6,240 to £194,477. That is up 10.5% annually.

Second stepper properties saw gains of 0.5% monthly and 5.2% annually to £258,836.

Properties at the top of the ladder continue to struggle, up just 1.2% on last month and 2.7% annually to £545,387.

Properties are staying on the market for an average of 62 days, according to the index.

This is still faster than a year ago when it took 66 days on average to sell.

While eight regions recorded falls in asking prices in August, there were just two in negative territory during September.

These areas were the north-west and Yorks & Humber down 0.1% and 0.7% respectively.

Miles Shipside, Rightmove director and housing market analyst, said: “Some of those trying to get on to the property ladder may have wistfully listened to speculation of lower prices in a post-Brexit Britain.

“While the referendum result has created additional downwards price pressure in some upper segments of the market that were already slowing, those who do not own a home and arguably have the greatest housing need are now finding it harder to achieve their goal in the post-Brexit vote aftermath.

“In their favoured target sector with two bedrooms or fewer, average asking prices have jumped by over £6,000 in the last month as we enter the typically active autumn market.”

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