BirminghamAccording to this month’s regional property price index report, the price of newly-marketed properties across the UK have seen an average increase of 0.9%, equating to a roughly £2,841 price rise.
The report from Rightmove shows that the market continues to grow in line with the usual “spring market” growth, as well as remaining consistent with the previous two-year average of 1% growth.
The spring market historically brings with it a more active market, however with Brexit still a major concern for buyers, uncertainty remained as to whether this trend would continue. Whilst Brexit may have been a concern for some, the report indicates that four out of the 11 regions studied experienced record highs for asking prices in their respective areas.
Across the country there have been substantial changes in annual price values, with the North West and West Midlands topping the tables by having 2.1% and 3% respective property value rises in the past year. Compare this to the -2.5% decrease in central London and it’s easy to see why prospective buyers are turning their attentions further North.
Miles Shipside, Rightmove director and housing market analyst, comments:
“Price increases are the norm at this time of year, with only one fall in the last ten years, as new-to-the-market sellers’ price aspirations are under-pinned by the higher buyer demand that is a feature of the spring market. Indeed the 0.9% monthly rise is consistent with the previous two years’ average rise of 1.0% over the same period. What will seem inconsistent to some, given the ongoing uncertainty of the Brexit outcome, is that four out of eleven regions have hit record highs for new seller asking prices.”
“Prospective buyers in Wales, the West and East Midlands, and the North West are being confronted with average prices of property coming to market at all-time highs. While the national rate of increase is virtually flat at +0.1% compared to a year ago, these regions have considerably higher prices than at this time last year… By contrast, London and its commuter belt (the South East and East of England regions) have seen year-on-year falls.”
With growth in the market spurred on with seasonal market variations, the UK property market continues to look strong despite the initial predicted concerns.
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