Property coming to market jumps 1.3%

Property coming to market jumps 1.3%
We've seen a lot of hesitation in the market of late, particularly amongst those in the likes of the South East who are worried about maximising their investment return

The latest data from Rightmove has shown that the average price of property coming to market increased by 1.3% this month, the same average rise as the same month last year.

According to Rightmove, a monthly rise of this size has only been exceeded once at this time of year since 2007.

Other highlights of the report included modest annual growth of 2.3% compared to 7.6% in March 2016, highlighting slower pace of increase. Mighty Midlands leads the rest of the country with East and West Midlands prices at record highs.

Brian Murphy, Head of Lending for Mortgage Advice Bureau, said: “The data released by Rightmove today reports trends on asking prices, rather than completed transactions, therefore gives us a current ‘temperature check’ of the UK housing market and sentiment. The data suggests an average month on month increase of 1.3% on properties coming to the market, suggesting that consumer confidence and demand in bricks and mortar, coupled with a paucity of stock in many towns and cities, is leading to asking prices remaining steady if not increasing in some areas, most notably the East and West Midlands.

Given encouraging activity levels last month, this isn’t a huge surprise and is in line with normal seasonal trends – in fact, the average March price rise over the last few years according to Rightmove data has been 0.9%, so in this respect, so far this year asking prices would appear to be performing above expectations. That said, the annual increase reported by Rightmove of 2.3% is more modest than previous years, but this in itself will possibly be reassuring for many. This is because we need to be mindful of affordability and any ongoing, significant increases in house prices could create a turbulent market that many would seek to avoid, as it would price many purchasers out of the market.
 
Overall, it’s too early to tell if we will see a blooming Spring market over the next couple of months, but if the figures continue as they have so far in March, it’s possible that we may see a balmy picture rather than a stormy outlook as we move towards what is normally one of the busier times of the year."


Russell Quirk, eMoov CEO, had this to say: "Depite Rightmove's best intentions to deliver transparent market analysis, the nature of their data being based on asking price and not sold price means it should only be viewed as a tentative toe dip into the state of the UK market at present.
 
Today's numbers may help to compound the current issue of a shortage of housing but this isn't an anomaly that has only just surfaced. It has been rife for quite sometime now and so this latest data would suggest the addition of a seasonal pickup as we head into the busiest time of the year. This heightened market activity, coupled with the ongoing stock shortage, is leading to a strong hike in prices.
 
We've seen a lot of hesitation in the market of late, particularly amongst those in the likes of the South East who are worried about maximising their investment return.
 
The reality is that in areas like the Midlands where prices aren't as inflated, a more no nonense approach is benefitting homeowners as they proceed with their sale and see stronger, more natural price growth across the board as a result."

Hannah Maundrell, Editor in Chief of money.co.uk said: “House prices in the capital are cooling off slightly and London is no longer leading the way where property price growth is concerned. This is no surprise; few people can afford the crazy London house prices. The Midlands is a much more affordable place to buy and with buzzing cities and booming industry it’s becoming an increasingly attractive place to live.

If you’re looking to get on the ladder think outside the box; going for an up and coming area will get you more bang for your buck. With house prices almost at their highest ever levels it’s really a case of choosing where you live wisely so you make every penny count.”

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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Jo Mullett
Jo Mullett 07 Jul 2017

Here in Swansea, known as the Japanese knotweed capital of the UK, it never fails to amazes me that people have no idea of the potential problems this invasive non-native plant can cause when buying or...

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NathanG
NathanG 05 Jul 2017

McDonalds, for example, have been purchasing their real estate on prime locations for years. If something happens to the company they'll have invaluable assets that will be able to save them. We might

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Jonah
Jonah 04 Jul 2017

Graham: surprised to see you cite the "extra tax liability" as capping out at ?560. It doesn't - the extra tax is exponential, as it is levied on the income (i.e the inflating level of rental income you...

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Dianne Griffen
Dianne Griffen 29 Jun 2017

Be very wary of anyone bringing you deals that they have ?found? and want to ?sell on to you? or ?joint venture? with you on ? you need a proper legal contract for this, involve a RICs surveyor to confirm...

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jason hadzikostas
jason hadzikostas 28 Jun 2017

The most important thing is a budget. Students have to manage their spendings in food, house maintenance, books and many other things. According to me, student Studios are the perfect option for them as...

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