Newly released data from Rightmove has revealed that average asking prices of newly-marketed properties have risen by 1.5% during March, which equates to a national average of £4,503.
Of the 11 regions surveyed in Rightmove’s House Price Index, Yorkshire and the Humber was closest to reflecting the national increases, with the region’s asking prices also rising by exactly 1.5%. The data, which measured 112,693 properties coming to market in the last four weeks, also revealed the average asking price in Yorkshire and the Humber now stands at £183,998, which still offers superb value for money when compared to a national average asking price of £304,504.
Rightmove’s figures show homes in Yorkshire and the Humber are on the market for an average of 69 days before they sell. In addition, nationally there has been a dip in the supply of housing stock for sale, with 5% fewer properties currently coming to market compared to the same period a year ago. The first two months of 2018 also saw Rightmove traffic hit its highest ever levels.
Patrick McCutcheon, head of residential sales at Dacre, Son & Hartley which operates 21 offices across West and North Yorkshire says: “Asking prices increasing by 1.5% in a matter of weeks is a significant upward shift that has been exacerbated by the dip in the number of sellers coming to market. This is increasing the imbalance between demand and supply and this national trend is definitely mirrored here in Yorkshire.
“However, it’s important to note these are asking prices rather than sold prices. As we head into spring, which is typically a busy time for the property market, we would always advise sellers to be realistic in their expectations when it comes to pricing their property, to achieve a timely sale. Although it can be tempting to try and push the limits of what a property is worth, most shrewd buyers refuse to pay over the odds for a home with an inflated asking price. It’s vitally important to price a property correctly and this is where an experienced local agent with a thorough understanding of the market can really add value.”
Miles Shipside, Rightmove’s director and housing market analyst, said: “It remains to be seen if this month’s eleven-year price rise high for March is a catch-up anomaly after two more subdued price rise months, or an early sign of price pressure building up a real head of steam as we enter the spring market. Either way, sellers need to be mindful of increasingly stretched buyer affordability, and the more they increase prices the more buyers will hit their ceiling on the amount they are able to save for a deposit and borrow for a mortgage. There does however still seem to be potential price headroom in parts of the country, especially in some of the regions in the north, and in the more mass-market sectors.”
