National Property Market – July

There is still robust demand, low interest rates and low unemployment making the property market move even though we are hitting the summer holiday slowdown. This time of year is traditionally quieter as many of the second steppers are taking advantage of the children being off school.

The house price index on Rightmove shows the average national asking price of property is £316,421 which is up a tiny 0.1% from last month and up 2.8% on last year. Reaching the half way point of the year, Rightmove report that over 45% of agent stock nationally has been sold subject to contract. The East of England average asking price has decreased by 0.8% to £348,855 which is still up by 3.8 % on last year.

The second steppers saw a 0.4% decrease this month making the average asking price £267,637 – that is up 3.5% annually. As the 2016/2017 school year has already finished, many second steppers wanting to move for school choices may have already done so. Those looking to be in a school catchment area for intake into infant, junior or senior school for next year still have time to make the necessary moves.

Nationwide’s house price statistics for July showed a 0.3% increase on the average national selling price making it £211,671 with an annual change of 2.9%. Supply of housing for sale appears to be a sticking point with June showing transactions dipping to their lowest level for eight months.

Positive news reported in PropertyWire who say that the UK mortgage market picked up in June according their latest figures. Here at Tortoise we have our own mortgage advisor who can help you through the minefield of mortgage deals. Property prices are continuing to rise (albeit slightly) and we are continuing to sell the vast majority of our properties within a couple of weeks of going to market so don’t hesitate to get in touch if you are thinking of a move.

So if you are considering selling your home to trade up or down, call us on 01733 592020 to see how our digital marketing techniques can make that happen for you.

*The image is 2 Higny Road, Hampton which is on the market for offers in excess of £275,000 – you can find further details on our website (www.tortoiseproperty.co.uk) or give us a call on 01733 592020 to arrange a viewing.