Brian Murphy Head of Lending for Mortgage Advice Bureau comments:
“The monthly Rightmove House Price Index provides us with an up to date snapshot of consumer sentiment and activity in terms of the UK property market, rather than historical data using completed transaction figures. With the festive season a mere 18 weeks away, and many of us not even yet on our annual summer holiday, today’s report focuses the mind somewhat on those who want to be in their new home before Christmas, and highlights that the average transaction time from offer to completion is 13 weeks. That leaves a relatively short window for would-be buyers to find a property in order to be in ready to put up the lights and tree. The reality is that for those who wish to transact in the window available, it’s key for those in the market to be highly organised and ideally, to get their lending arrangements in place before doing anything else so as to not create a delay in a few weeks’ time.
It would appear that asking prices are reasonably steady, and the 2.3% dip is really the outcome of motivated vendors pricing competitively in order to attract a buyer, which is absolutely in line with seasonal expectations. In the current climate, realistic pricing is key, not just to get the deal done, but also to ensure that the transaction runs as smoothly as possible and avoids issues with a mortgage valuation. It’s also good to see that the average stock per agent has edged up slightly, however one swallow certainly doesn’t make for a summer so it will take a few months of sustained activity to have a real impact on the market. However, viewed cautiously, one would suggest that this is positive, and that the market appears to be ticking over nicely as the countdown to the end of the year begins.”
To read the full report, please click here.