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Property asking prices jump as selling times rise – Rightmove

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  • 19/02/2018
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Property asking prices jump as selling times rise – Rightmove
House asking prices have leapt above £300,000 but properties are taking longer to sell, according to listings site Rightmove.

 

Home buyer and seller activity jumped in January with the website registering its busiest ever month.

Average asking prices of properties coming to market have increased a typical £2,400 to £300,001 in the space of just a month, Rightmove data showed.

However, its feared many sellers have been over optimistic.

The average time to sell has increased to 72 days, compared to 55 around six months ago.

Brian Murphy head of lending for Mortgage Advice Bureau, said: “Rightmove’s report provides us with an analysis on asking prices and sales trends, rather than completed transactions which tend to provide a more historic market view.

“Therefore, the insights from today’s data are an accurate and timely indication of consumer activity and sentiment following the first full month of 2018, and suggest that buyers have been active across the country over the last month, leading to an encouraging start to the New Year for the UK property market.”

Jeremy Duncombe, director at Legal & General Mortgage Club added: “We have a lot more to be positive about than in previous years.

“Year-on-year house prices are rising at a far more sustainable rate and couple this with the exemption of stamp duty on properties under £300,000 and government schemes, it is no surprise first-time buyer levels are at an 11-year high.

“However, for those unsure of how to make their first move in the market, speaking to a mortgage broker is a good start.

“Not only can brokers help find the most appropriate product for a customer’s needs, but they can provide a better understanding of the overall market and the schemes available like Help to Buy and Shared Ownership.

“Mortgage brokers are here to help and can offer the chance of homeownership to those who may otherwise thought it was unachievable.”

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