Rightmove House Price Index

 

  • Annual average house price increases of 2.8% so far this year, in line with market forecasts for 2017
  • Average time to sell remains unchanged at 60 days

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

“The data released by Rightmove today provides us with trends on asking prices, rather than completed transactions, however, it does provide us a useful dashboard reading of the current market, and so far the lights still all appear to be green rather than red.

Seeing the slow down on new instructions reported in the data is no great surprise at all, given that we’re now entering peak holiday season, and this is the normal and expected pattern every year, so is no cause for concern whatsoever. The fact that we’re seeing the highest levels of stock sell-through since Rightmove started to track this particular metric is indicative of what many market commentators have been saying for some time now, which is despite some negative headlines and the ongoing political and economic uncertainty, demand for property remains strong with consumer confidence largely undaunted, and underlying market fundamentals remaining robust.  The Rightmove report suggests annual average house price increases of 2.8% so far this year, which is absolutely in line with market forecasts and expectations for 2017, so again should not raise any alarm bells whatsoever.   

Other factors, such as the average time to sell standing at 60 days in this month’s report, has remained broadly unchanged now for the last quarter, and also points to market consistency in most areas that again flies in the face of some who might suggest that the market is in negative territory.  Quite to the contrary, all of these indicators would point to a calm, steady and functioning UK market, with perhaps those consumers who did decide to ‘wait and see’ in the lead up the Election now deciding to simply get on with their move, adding yet more motivated movers into the mix in most parts of the UK. 

Overall then, today’s Rightmove report would suggest that even though we’re moving into high summer which is traditionally a slower time for property sales, the market would appear to be ticking over very nicely with no apparent immediate cause for concern or negative sentiment, which it’s probably reasonable to suggest might lead to a consistent picture for the foreseeable future.” 

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