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Rightmove House Price February 2019

Brian Murphy, Head of Lending for Mortgage Advice Bureau comments:

“The monthly Rightmove House Price Index provides us with data drawn from estate agencies across the country at the point of marketing properties for sale, therefore gives us a reliable up-to-date picture of buyer sentiment and activity, rather than historical data using completed transaction figures or values.

Given the ongoing uncertainty around the current political situation, it’s no great surprise that Rightmove is reporting the most subdued February for a decade. But that’s not the case across all of the UK; indeed, in the Northern and Midlands regions, as well as Scotland and Wales, our network has reported that the last few months have been consistently busy. Competition between lenders as many head towards the end of their financial year means that buyers who are currently transacting are, in many cases, able to secure product rates that are at or close to historic lows, which is providing significant support for the market in terms of aiding affordability.

There will of course be some who will prefer to wait and see what the final Brexit denouement will be before proceeding with their transaction, which is of course totally understandable. However, we are now seeing more and more buyers and sellers who’ve held off their transactions for quite some time, and are now at the point where their individual circumstances dictate that, regardless of ongoing negotiations between Westminster and Brussels, it’s the right time for them to move. These clients are now ‘just getting on with it’ and indeed, feel confident in doing so as they are looking at the longer-term picture, rather than the immediacy of what may or may not occur on 29th March.”

To read the full report, please click here.

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