The latest house price index from Rightmove, which analyses the average asking prices that UK sellers are listing their property on the website for, has revealed that it has been a busy start to 2018, with increased home-hunter activity.
Early traffic data indicates Rightmove visits are up by an average of 9% so far in January compared to same period last year, averaging over 4 million visits per day.
The index shows that the average price of property coming to market is up 0.7% (+£2,067) this month on Rightmove, which tracks over 90% of the UK property market. The figure is similar to the 0.6% rise at this time a year ago, with a virtually identical number of properties coming to market
The index also reveals that buyers are still price-sensitive, with sales agreed numbers in the last quarter of 2017 down 5.5% on the same period a year ago, and that sellers of properties suitable for first-time buyers are set to have the greatest chance of sales success following last Autumn’s stamp duty saving boost.
Patrick McCutcheon, Head of Residential Sales at Dacres where we operate 21 offices across West and North Yorkshire says: “The index shows that the average house price in Yorkshire & Humberside is £179,977, which is a 0.8% monthly increase and is 4.5% up over the last 12 months. The average time to sell is 69 days but, as with all regional averages, these figures don’t always give an accurate picture of market activity in the cities, towns and villages in which we operate. In fact, the average asking house price for property being sold by Dacres is £329,908.68 with 97% of the asking price being achieved across the firm.
“We expect to see modest, single figure price growth in Q1 and Q2 of 2018 across certain parts of the Yorkshire region, which will in part be driven by a continued lack of supply. With buyer demand arguably stronger across Yorkshire’s prime areas spanning Leeds, Ilkley, Harrogate and Wetherby. Across our network of 21 offices, we have certainly seen an increase in activity, with several properties attracting multiple offers and selling within a matter of days. Accurate valuations and a considered approach are still key to a successful sale, and we are looking forward to bringing a huge range of properties onto the market as it continues to gain momentum.”
To read the full report visit http://www.rightmove.co.uk/news/house-price-index/