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Rightmove House Price Index July 2019

James Chidgey, relationship manager for Mortgage Advice Bureau comments:

“Providing a snapshot of estate agent and consumer activity, the Rightmove House Price Index offers us valuable insights into how the market is operating at any given time, and this morning’s report is no exception.

"The data suggests that larger, four-bed plus properties saw a slight reduction in asking prices over the last month. However, this isn’t unusual at all over the summer months, as vendors with children who are highly motivated to move during the school holidays generally take a more pragmatic view in order to agree a deal within the timescales they need. Therefore this is a trend which is to be expected, rather than cause for concern.

"First time buyers and second steppers appear to be maintaining their previous activity levels, which is encouraging news, as sometimes warm weather can prove slightly distracting. It’s quite possible that both groups are currently benefitting from slightly increased numbers of homes available in some areas, which not only provides them with more choice, but assists with their negotiation. Together with highly competitive mortgage product rates which are also providing support to those purchasing at the moment, there does appear to be a new dynamic of a ‘buyers’ market’ in regions which, up until very recently have seen seller’s holding the reins. This being the case, it might counterbalance some lingering confidence issues. One would hope that, once the new Prime Minister is announced in a couple of weeks’ time, this will also help to provide more stability and encourage those buyers who are yet to take the plunge to dip their toe in the water and start making offers. Having said that, should Boris Johnson be appointed as Prime Minister, his potential reforms around Stamp Duty as part of an early Autumn Budget may create a temporary pause in the market over the next few weeks as buyers wait to see if they might save a few thousand pounds on their transaction.”

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