UK asking prices near all-time high - Rightmove
By Michele Maatouk
Date: Monday 17 Feb 2020
(Sharecast News) - Asking prices for UK houses rose 0.8% on the month in February, just ?40 shy of a new all-time high as a boom in buyer activity outstripped a rise in the number of new sellers, according to Rightmove.
On the year, prices were up 2.9% in February and Rightmove said "the buyer boom" had set the scene for new price records this spring.
Rightmove director and housing market analyst Miles Shipside said: "The average price of newly-marketed property is just ?40 below its all-time high from June 2018, with the typically busy spring market still to come. This means that spring buyers are likely to be faced with the highest average asking prices ever seen in Britain.
"Buyers who had been hesitating and waiting for the greater political certainty following the election outcome may be paying a higher price, but they can now jump into the spring market with renewed confidence. After three and a half years of Brexit uncertainty, dither, and delay, many now seem to have the 2020 vision that this is the year to satisfy their pent-up housing needs."
Rightmove said monthly traffic was up 7.2% on the previous year to a new record of more than 152 million visits in January, indicating "strong" pent-up housing demand.
North London estate agent and former RICS residential chairman Jeremy Leaf said: "Rightmove confirms what we've been seeing in other recent housing market surveys and 'at the coalface' since the election.
"Although Rightmove's are asking not selling prices, confidence is clearly slowly returning but is fairly patchy while the market remains price-sensitive. Unfortunately, we're not seeing enough market appraisals to convert into listings to meet demand at the moment, which is squeezing some prices.
"Hopefully, better weather, more economic certainty and/or a fairly positive Budget will persuade some of the waverers to take the plunge."
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN