Slight growth in house prices in July: Rightmove

Bruno Cirelli
Luglio 17, 2017

The average asking price hit £316,421 this month, up from £316,109 in June.

Nearly half of estate agency stock has been sold subject to contract so far this year, as buyer demand continues to outweigh supply, Rightmove has reported.

Rightmove's map shows where asking prices are rising the fastest and slowest across England and Wales.

"Today's figures mirror the slowing of house price growth that we saw in the recent RICS survey, but activity in the mortgage market remains strong - and the property market outside of London and the South East continues to show healthy growth".

'The price of property coming to the market had increased in June in every year since 2009, so buyer confidence has clearly been affected by inflation outstripping their pay packets and current political events, ' he pointed out.

In general markets in the northern part of the country are doing better with an 11% rise year on year whereas markets in the South have seen prices rise by a smaller 3%.

Rightmove said that the average asking price of a home listed for sale on its website - over 90% of United Kingdom estate agents list homes on the portal - increased by 0.1% month-on-month, taking the annual rise in prices to 2.8% compared with a 1.8% increase in June, with all regions seeing a year-on-year price rises.

This has added to the nervousness among consumers and homeowners, with last week's Royal Institution of Chartered Surveyors house price report suggesting that political uncertainty at home is weighing more heavily on the market than Brexit.

'Having said that, the historic under supply of the right property at the right price and ongoing strong housing demand are evidenced by buyer enquiries to agents picking up to a degree after the surprise election result.

"Prices are in the summer doldrums".

Rightmove director Miles Shipside pointed out that sellers coming to market at this time of year "have to price more keenly as the traditionally bubblier spring selling season is over and prospective buyers are distracted by their own summer holiday plans".

He continues: "We can see now that price rises are muted despite high housing demand, indicating we have left the stage of the cycle where price rises exceed the rate of inflation".

Compared to the period around the referendum a year ago, more sellers have come to market and more buyers are buying.

"Other factors, such as the average time to sell standing at 60 days in this month's report, has remained broadly unchanged now for the last quarter, and also points to market consistency in most areas that again flies in the face of some who might suggest that the market is in negative territory".

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