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Residential News | Thu 22 Aug 2019
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Rightmove’s latest house price index reveals a pre-Brexit home buying spree over the last month, with overall transaction numbers up by 6.1 per cent on the same period last year, and Yorkshire and the Humber was one of the UK’s star performers with a 10.1 per cent increase.

The property search website’s figures also reveal a minor ‘seasonal’ fall in the price of property coming onto the market of 1 per cent, equating to an average reduction of £3,192. However, this is better than usual in August, and pushes the annual price increase to 1.2 per cent.

By comparison, at the same point last year, asking prices fell by 2.3 per cent, indicating that the increased level of demand this summer is providing a level of support for prices in most areas of the UK.

Miles Shipside, Rightmove director and housing market analyst commented: “Surprisingly there seems to be a bit of a summer buying spree, despite it normally being a quieter time of year. For some reason more buyers have cottoned on to the fact that it can be a good time of year to buy, with less competition from other buyers, and sellers typically more willing to accept a lower price. Whilst another approaching Brexit deadline is now nothing new for prospective buyers, this one may seem more definite, and therefore one to beat, with the Government regarding this one as ‘do or die’. While the end of October Brexit outcome remains uncertain, more buyers are now going for the certainty of doing a deal, with some having perhaps hesitated earlier in the year.”

Shipside added: “More prospective movers are taking the plunge, getting stuck into deals with sellers more willing to lower their price expectations, and lenders wanting to lend and offering low rates. There’s only so long that buyers and sellers can delay the familial, financial and emotional forces driving the need to move, and with the average time between agreeing a sale and moving in being more than three months, we’re now entering the last chance saloon for those who want to have finished their move before the end of the year. We often see an autumn activity bounce, but perhaps this year’s political activities have brought that forward into a summer surge as buyers have gone bolder and earlier than usual.”

Patrick McCutcheon, our head of residential sales , said: “These figures are interesting because they reveal actual sales that have completed. Buyers can only ‘wait and see’ what’s going to happen for so long and it appears that many are being spurred into action by good affordability, low interest rates and the potential of securing a deal prior to the Brexit deadline. 

“Across our 21 North and West Yorkshire offices we have seen a recent lack of supply, but there are plenty of buyers out there and homes that are priced appropriately are selling well. However, it’s essential to the get the right marketing advice from a local expert who knows the market inside and out.”

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