Well, January has started out on the right foot. As usual numbers are up on Rightmove as people aim for their desires in the New Year and property always figures highly. Visits to the site are up 9% during the month putting visitor numbers at 4 million. This shows that this property portal is one of the most widely used and as such when we use premium listing it gets a property under the nose of so many more potential buyers.
The house price index on Rightmove shows the average national asking price of property is £297,587 which is up +0.7% from last month and up 1.1% on last year. The East of England average asking price saw and increase of 0.4% to £342,854 down by 2.3% on last year. Traditionally December sees seasonal price falls.
First time buyer house prices saw a slight downturn of +1.1% to £188,024 whilst the second steppers saw a 0.4% increase this month, making the average asking price £266,380 – that is up 3.2% annually. Rightmove predict that sellers of first time buyer properties have the greatest chance of sales success.
Average national asking prices in January according to the Nationwide House Price Index were £211,756, that is up 0.6% from last month and up 3.2% on last year. Nationwide report that “We continue to expect the UK economy to grow at modest pace, with annual growth of 1% to 1.5% in 2018 and 2019. Subdued economic activity and the ongoing squeeze on household budgets is likely to exert a modest drag on housing market activity and house price growth.”
No matter what happens economically people continue to buy and sell in our experience. For instance, we sold this lovely property this month in just a week and for £2,000 over the asking price.
Nationwide went on to say “It is interesting to note that the private rental market has continued to show steady growth despite a significant slowing in buy to let mortgage lending, suggesting a shift amongst landlords towards cash purchases. Changes to the tax system, limiting deductibility of mortgage interest, may be one of the factors behind this.”
One of our current properties available to let is this lovely property at Redshank, Hampton. Available for £1250 pcm, give us a call if you are interested in viewing this fabulous home – http://www.tortoiseproperty.co.uk/#to-let-properties/{060a-340e-63e0-9384}
If you are thinking of buying or selling, come and see how we are different. Our Relationship Managers will guide you all the way and we have a qualified financial advisor on site too.
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