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Interest rate rises quash spring price bounce, but market activity holds up

Interest rate rises quash spring price bounce, but market activity holds up

Residential News | Wed 21 Jun 2023
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Latest figures from Rightmove reveal that the average asking house price dropped in June for the first time this year, but only by £82. This means the national asking price currently stands at £372,812.

However, in Yorkshire and the Humber, asking prices were 0.5% lower than in May, but this followed a 3.9% jump last month, which was more than double the national average increase of 1.8%.

This means the average asking price in Yorkshire and the Humber now stands at £247,012, which is still a 2.4% increase on this time last year.

Despite recent increases in mortgage interest rates, Rightmove’s statistics currently show no effect on buyer demand, which is 6% higher than the same period in 2019’s more normal market. The number of sales being agreed has dropped marginally, and in the last two weeks is 6% behind the same period in 2019.

Patrick McCutcheon, head of residential said: “This easing of prices comes as homeowners and potential buyers face interest rate rises, which are causing a degree of uncertainty in the mortgage market. However, from what we’re currently seeing across our office network, as long as buyers can afford to, the vast majority are pushing on with their plans, so there has been minimal impact in market activity.

“Crucially, in the current market, realistic and competitive pricing is key. Sellers who are too optimistic on price are likely to be left disappointed. This is when using a local estate agent with a complete understanding of the local market will pay dividends. A well-presented home that’s accurately priced will always attract plenty of interest.”

Tim Bannister, Rightmove’s director of property science, commented: “Average new seller asking prices, the first and leading indicator of new trends in the market, have dropped slightly this month, signalling that the belated spring price bounce has quickly turned into an earlier than usual summer slowdown. We expect asking prices to edge down during the second half of the year which is the normal seasonal pattern, and while we sometimes re-forecast our expectations for annual price changes at this time, current trends suggest that our original forecast of a 2% annual drop in asking prices at the end of 2023 is still valid.”

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