UK House Prices Rise In March: Rightmove

UK House Prices Rise In March: Rightmove

UK House Prices Rise In March: Rightmove

The government plans to invoke Article 50 at the end of this March, which will begin the formal two-year process for the UK's exit from the EU. Britain's housing market has so far proven to be much more resilient to Brexit than the forecast of a sharp hit made by former Chancellor of Exchequer George Osborne before last June's European Union membership referendum. But the March 2017 monthly rise has only been exceeded once at this time of year since 2007.

The 1.3 per cent average asking price rise in the past four weeks is equivalent to £3,877. This has been driven in the main by increases in Outer London where the average asking was up 2.6% in contrast to a smaller 0.4% uplift in Inner London.

THE soaring price of property in the Midlands is driving house price growth across England and Wales, as new data reveals that the average asking price hit £310,108 this month.

In its latest report, the online property portal stated the slower pace of house price increases means over-priced properties are at greater risk of being unsold in the current climate.

Rightmove House Price index cited the experience of James Sims, director at Brik Estate Agents in Fulham in London, for price sensitivity in the market.

He explained that the figures indicate a certain resilience in the market.

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This compares to 7.6% in March 2016, highlighting the slower pace of increase in the market.

"As markets in other areas of the country become more mature and run out of price-rise steam and froth, the fundamentals of the Midlands have come to the fore".

In March previous year asking prices were growing at an annual rate of almost 8% as buy-to-let investors rushed in ahead of an increase in stamp duty in April and before the decline in the lead-up to June's Brexit vote.

Miles Shipside, director of Rightmove, said: "The pace is no longer being set by the more affluent commuter-belt South, including London with its global appeal".

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.

He continues: "We've seen a lot of hesitation in the market of late, particularly amongst those in the likes of the South East, who are anxious about maximising their investment return".

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