Asking prices for property being put on sale in Britain over the past month increased less than normal for the time of year, the latest data from Rightmove shows.
The property portal said that average asking prices were up by 0.2% over the month, less than the average 1.2% gain seen at this time of year. Compared with a year earlier, asking prices were 1.7% higher, down from a 3% annual increase a month earlier.
Industry reactions:
Tom Bill, head of UK residential research at Knight Frank commented: “The steep drop in property sales that followed the shock of the mini-Budget has bottomed out. The mortgage market has stabilised and buyers increasingly accept they are in a new lending landscape after 14 years of ultra-low rates. Buoyed by savings accumulated during the pandemic, record levels of housing equity and a strong jobs market, activity has been solid this year at all price points. The further we get from the mini-Budget, the stronger the market is performing. That said, homeowners will experience more financial pain as they roll off historical fixed-rate deals and UK prices should fall by a few percent this year.”
Adam Feather, head of Robert Anthony Estate Agents, said: “This month, we have so far seen a notable uplift in viewings and a slight drop in withdrawals. This suggests that buyers who are entering the market are more serious about securing a property. Market conditions are certainly improving as we enter the spring market.”
Nathan Emerson, CEO of Propertymark commented: “The number of sales and instructions month on month remain healthy, showing a strong appetite continues within the market.
“Our member agents tell us that the total number of properties for sale is edging back to pre-pandemic levels, supported by an increase in market appraisals being done.
“Prices achieved are now meeting a middle ground with those selling still making a healthy gain and those buying finding the final agreed price much more affordable than seen previously.”
Vendors forced to get realistic with house prices to attract bidders
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