Slight growth in house prices in July: Rightmove

Would-be home buyers are encountering more

Would-be home buyers are encountering more

Modest growth over the past 12 months sees average asking prices across England and Wales rise by 2.8 per cent to £316,421, which although is in line with market forecasts and expectations for this year, is far lower than the rises recorded a year ago.

The average asking price remained at a "virtual standstill" in July - up by just 0.1% to £317,421.

More than 45% of agents' property stock was sold during the period, the highest proportion recorded since Rightmove's house price survey began in 2010.

Average house prices remain subdued, although the number of transactions is on the rise, according to the latest Rightmove House Price Index.

Almost half (45 per cent) of the properties listed for sale in the past month are already under offer, the highest proportion ever recorded since Rightmove started tracking this data seven years ago.

Despite the increase Miles Shipside, Rightmove director and housing market analyst, said: "Prices are in the summer doldrums". However, the ongoing lack of housing supply means demand from buyers continues to outpace the number of homes coming to market.

Fed Funds Firm on Yellen's Testimony
According to her, the tight labor market may have upward pressures on wages and prices, as slack in the economy diminishes. The next possible support for the greenback is seen around 1.16 versus the euro and 0.93 against the franc.

More than 12 months on from the Brexit vote, strong buyer demand continues to fuel property sales despite recent reports of a downturn in the market, says new report.

Supply of new homes on the market continued to be restricted, though 7.6% more sellers coming to market this month compared to this time past year, though June 2016 saw the Brexit vote hold the market back.

Prices increased by 1.3% in the North West and the East Midlands month on month to £188,313 and £208,127 and are 2.6% and 5.1% higher than the same month in 2017.

In the East of England asking prices increased by just 0.6% month on month to £351,276 but are still 3.8% higher than a year ago and in Wales they increased by 0.8% to £184,308 but are 0.5% down year on year.

"Quite to the contrary, all of these indicators would point to a calm, steady and functioning United Kingdom market, with perhaps those consumers who did decide to "wait and see" in the lead up the Election now deciding to simply get on with their move, adding yet more motivated movers into the mix in most parts of the UK".

Mortgage Advice Bureau head of lending Brian Murphy says: "Overall, today's Rightmove report would suggest that even though we're moving into high summer which is traditionally a slower time for property sales, the market would appear to be ticking over very nicely with no apparent immediate cause for concern or negative sentiment, which it's probably reasonable to suggest might lead to a consistent picture for the foreseeable future".

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.