Asking Prices Rise
Asking Prices Rise across England and Wales by 1.3%, or £3,877 in the last month. The is equal to the jump seen in March 2016; during the rush on the market caused by buy-to-let investors rushing purchase ahead of the impending stamp duty rise. Latest data from Rightmove for March 2017 is indicates that the UK housing market remains resilient. This resilience is during a period of broader economic uncertainty; brought about by the forthcoming triggering of article 50, and exiting of the European Union.
House Prices Rise Fastest in the Midlands
Asking Prices Rise the fastest in The Midlands, with both the East and West Midlands seeing record highs. Asking prices increased month on month 2.1% in the East Midlands, surpassing an average of £200,000 for the first time. Furthermore, the West Midlands saw a month on month rise of 2.1% and an annual rise of 4.2%. See our latest midlands launch In Greater London asking prices increased by 1.4% to £649,772 and were up by 0.9% year on year. Outer London has been the main driver in the increases; where the average asking was up 2.6% in contrast to a smaller 0.4% uplift in Inner London. Miles Shipside, Rightmove Housing market analyst, says; the market has changed and no longer driven so heavily by the south.
Numbers Reflect a Resilient Market
He explained that the figures indicate a certain resilience in the market. ‘Since the start of the decade, the average March price rise has been 0.9%. Therefore this month’s 1.3% uplift is an indicator of a shortage of suitable property for sale in many areas; with strong demand for the right property at the right price,’ he said. ‘Since 2007we’ve only once seen a larger rise than this in March. We are also keeping pace with last year’s rise, which had the added momentum of investors looking to beat the stamp duty tax deadline of 01 April,’ he added. ‘The prices set by house sellers and their estate agents are a leading indicator of market sentiment. These figures demonstrate the slower pace of increases,’ said Shipside. According to Russell Quirk, chief executive of eMoov, the seasonal pick up ahead of what is traditionally the busiest time of the year for the housing market along with an ongoing shortage of supply is keeping prices up. ‘We’ve seen a lot of hesitation in the market of late, particularly in the South East where people 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 nonsense approach is benefiting home owners as they proceed with their sale and see stronger, more natural price growth across the board as a result,’ he added. Therefore, indicating that the UK property market has not being negatively impacted as the 2 year Brexit negotiations begin.
Asking Prices Rise
Asking Prices Rise across England and Wales by 1.3%, or £3,877 in the last month. The is equal to the jump seen in March 2016; during the rush on the market caused by buy-to-let investors rushing purchase ahead of the impending stamp duty rise. Latest data from Rightmove for March 2017 is indicates that the UK housing market remains resilient. This resilience is during a period of broader economic uncertainty; brought about by the forthcoming triggering of article 50, and exiting of the European Union.
House Prices Rise Fastest in the Midlands
Asking Prices Rise the fastest in The Midlands, with both the East and West Midlands seeing record highs. Asking prices increased month on month 2.1% in the East Midlands, surpassing an average of £200,000 for the first time. Furthermore, the West Midlands saw a month on month rise of 2.1% and an annual rise of 4.2%. See our latest midlands launch In Greater London asking prices increased by 1.4% to £649,772 and were up by 0.9% year on year. Outer London has been the main driver in the increases; where the average asking was up 2.6% in contrast to a smaller 0.4% uplift in Inner London. Miles Shipside, Rightmove Housing market analyst, says; the market has changed and no longer driven so heavily by the south.
Numbers Reflect a Resilient Market
He explained that the figures indicate a certain resilience in the market. ‘Since the start of the decade, the average March price rise has been 0.9%. Therefore this month’s 1.3% uplift is an indicator of a shortage of suitable property for sale in many areas; with strong demand for the right property at the right price,’ he said. ‘Since 2007we’ve only once seen a larger rise than this in March. We are also keeping pace with last year’s rise, which had the added momentum of investors looking to beat the stamp duty tax deadline of 01 April,’ he added. ‘The prices set by house sellers and their estate agents are a leading indicator of market sentiment. These figures demonstrate the slower pace of increases,’ said Shipside. According to Russell Quirk, chief executive of eMoov, the seasonal pick up ahead of what is traditionally the busiest time of the year for the housing market along with an ongoing shortage of supply is keeping prices up. ‘We’ve seen a lot of hesitation in the market of late, particularly in the South East where people 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 nonsense approach is benefiting home owners as they proceed with their sale and see stronger, more natural price growth across the board as a result,’ he added. Therefore, indicating that the UK property market has not being negatively impacted as the 2 year Brexit negotiations begin.
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