Published: Mon, July 17, 2017
Global News | By Stacy Ballard

Dampened prices but housing market activity up - Rightmove

Dampened prices but housing market activity up - Rightmove

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 previous year, though June 2016 saw the Brexit vote hold the market back.

Consumer price inflation rose to its highest level in almost four years at 2.9 per cent in May.

Miles Shipside, Rightmove director and housing market analyst says: "House price rises are muted despite high housing demand, indicating that we have left the stage of the cycle where price rises exceed the rate of inflation".

Murphy explained the United Kingdom property market is seeing the highest levels of stock sell-through since Rightmove started to track the metric - which is means demand for property remains strong with consumer confidence largely undaunted, and underlying market fundamentals remaining robust.

The average price in June was £301,114, down 0.2% on May.

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The first time buyer market, typically two bedroom homes, has seen asking prices surge, up 3.5% month on month and 5.5% year on year, the index also shows.

'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.

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

"It is likely that, should these figures ring true, we could see a reverse in the cooling price trends reported over the last month or so, but heightened seller activity must be matched on the buyers' side of the market in order for this to happen, otherwise, we could see the reverse".

Higher inflation and lower wage growth may mean the Bank of England holds off on raising interest rates while disposable incomes are squeezed, and there are signs that consumer credit is tightening.

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Rightmove found the number of sales agreed is up by 4.6% in June 2017 compared to June 2016, and the number of sellers coming to market is also up on the same period a year ago, with a 7.6% increase in fresh choice.

As the fundamentals of the housing market remain good, the online property experts said, this had led to the number of sales agreed numbers remaining nearly identical to those in 2016, with many parts of the country seeing as high a proportion of properties marked as sold than at any time in the last seven years.

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.

This is the highest proportion ever recorded by Rightmove since we started tracking it seven years ago.

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