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Property asking prices jump to a record high

The average price of property coming to market in Britain is at a record high of £320,265, data from Rightmove has revealed. In addition to the rise in property asking prices, the number of people contacting estate agents about house viewings is up by 75% so far in July compared to the same period last year.

The average asking prices are 2.4% higher than in March pre-lockdown. The number of sales agreed this month is also now exceeding last year’s figures in England, Scotland and Wales. Almost half (44%) of new listings that came up for sale in the first month after the market re-opened on the 13 May have already been marked as sale agreed, compared to 34% at the equivalent time last year.

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The number of monthly sales agreed is up 15% in England on last year, and in the five days after the stamp duty announcement it jumped to 35% up on the same days a year ago. Total available stock has also reportedly recovered to being 13% down in Britain following a steep decline, with Rightmove claiming that the stamp duty holiday may encourage more sellers to the market to ensure they have ample time before the 31 March deadline.

Miles Shipside, resident property expert at Rightmove, said: “The busy until interrupted spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown.

“The strength of buyer demand has contributed to record prices, with the 3.7% annual rate of increase being the highest for over three and a half years.

“There is a window of opportunity for sellers to come to market and to find a buyer who is tempted by the stamp duty savings. Although March next year may sound like a long time away, in reality sellers need to find a buyer before Christmas, to allow a further three months for completion of the legal process to beat the deadline.

“While property is selling much faster than a year ago, it’s important not to over-price and miss this window. It’s still a price sensitive market with buyers having limits on what they are able to borrow, and the uncertain economic outlook making them more cautious.”

Source: Property Wire

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UK property asking prices jump by record 2.3% month-on-month at turn of year – Rightmove

Asking prices for British houses put on sale in the five weeks to Jan. 11 rose by a record amount for the time of year, property website Rightmove said on Monday, adding to signs of a post-election bounce in consumer and business confidence.

Britain’s Royal Institution of Chartered Surveyors and major mortgage lender Halifax have both reported stronger-than-expected housing market activity since Prime Minister Boris Johnson’s election victory on Dec. 12.

Business surveys from Deloitte and IHS Markit have also perked up, as the election result ensures there will be a smooth departure from the European Union on Jan. 31 and no industry renationalisation by the opposition Labour Party.

Rightmove said average asking prices of property marketed between Dec. 8 and Jan. 11 jumped 2.3% in monthly terms, the biggest increase for that period since the survey started in 2002.

Prices were up 2.7% compared with the same period a year earlier, marking the strongest growth since July 2017.

“There now seems to be a release of this pent-up demand,” Rightmove director Miles Shipside said. “The housing market dislikes uncertainty, and the unsettled political outlook over the last three and a half years since the EU referendum caused some potential home-movers to hesitate.”

Asking prices, which are not seasonally adjusted, rose by 0.8% year-on-year in December’s release.

Britain’s housing market has slowed since June 2016’s Brexit referendum, especially in London and neighbouring areas, where higher property taxes as well as concern about the impact of Brexit on the region’s economy hurt demand.

There had been some signs of a pick-up in the housing market before the election.

Official data for November showed a 2.2% rise in house prices across Britain, the largest increase in a year, and Halifax said prices rose 4.0% in the 12 months to December, bolstered by the biggest monthly rise in almost 13 years.

But the broader economic picture in the run-up to election was downbeat, with GDP growth in the 12 months to November the slowest since 2012 at just 0.6%, and more Bank of England officials are considering cutting interest rates.

Reporting by David Milliken

Source: UK Reuters

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UK property asking prices rise by least since 2009 – Rightmove

Asking prices for British homes rose by the least in a decade over the past year, property website Rightmove said on Monday, adding to signs of a slowing housing market ahead of Brexit.

Rightmove said prices for newly advertised property were up by just 0.2 percent in February compared with a year earlier, the smallest increase since 2009, although they increased by 0.6 percent on the month, in line with the seasonal average.

With wages rising at an annual rate of more than 3 percent, according to official data, the affordability of houses was improving at its fastest since 2011, the company said.

“In theory the scene would be set for an active spring if it were not for the uncertain political backdrop,” Rightmove housing market analyst Miles Shipside said.

Britain is on course to leave the European Union without a transition deal on March 29 unless Prime Minister Theresa May can broker a revised agreement with the bloc that is acceptable to her divided party and parliament.

British house prices have slowed over the past year, mostly in London and nearby regions, as Brexit worries added to the headwinds from stretched affordability and higher purchase taxes for rental properties and houses costing over 1 million pounds ($1.28 million).

Official data last week showed annual house price growth slowed to 2.5 percent in December, the lowest since 2013, while surveyors see the weakest near-term outlook for prices since 2011.

Rightmove’s data is based on property advertisements on its website, which it says accounts for 90 percent of residential property on sale in the United Kingdom.

Source: Investing