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Better value for money means good news for housebuyers
| Author: Craig Bees | Published: 19th February 2019 10:19 |
Better value for money means good news for housebuyers
An early snapshot of activity in the housing market shows that more home-hunters than ever are searching for their next home. Visits to Rightmove over the first two weeks of the year were up 5% on the same time last year, meaning that on average there were over 4.5 million visits every day.
The overall market picture illustrates that the more northerly regions are faring better in terms of pricing power and willingness to move than those down south.
The average price of property coming to market is up by just 0.4% (+£1,207) this month, the lowest monthly rise seen at this time of year since January 2012, although those numbers are largely influenced by London and the South East since together they constitute 30% of all new-to-the market listings.
London has seen an average fall of 1.5% in new seller asking prices this month, while the adjacent South East region remains muted at only +0.2%.
Traditionally this is the time of year when more movers look at a wider choice of fresh property supply and kick-start the market, and this year’s buyers have the added spur of the slowest rate of new year price increases for five years.
It looks like sellers are recognising that they need to lower their price aspirations while the 4.5m plus daily visits to Rightmove indicate many people appear to be contemplating a move in 2019.
2018 sales figures were down by only 3% on 2017 which indicates the market held up much better than forecast.
The national average of properties coming to the market is broadly the same in the first two weeks of the year (-2.1%) compared to the same period a year ago. There is a 10.0% drop in London, while the largest rises are predominantly in the northern regions.
With the average annual rate of growth at only 0.2% (+£714), annual wage growth of 3.4% is now outstripping asking prices at the fastest rate since 2011, improving buyer affordability
Monthly draw: make February the month to win a case of Italian wines (red/whites/mixed) or get one month’s membership to Whittlebury Hall Leisure Club.
How To Enter: Every valuation and instruction for sale or rental between now and Wednesday February 27 will be entered into the draw, the winners being notified by e-mail.
If you’re thinking of selling or letting your property and want to win one of these great prizes on offer call (01327) 359164 and speak to our sales or lettings team.
Until next time.
Craig Bees, MD Bartram & Co
E-mail me at craigbees@bartramandco.co.uk
Visit our website www.bartramandco.co.uk and follow us on Twitter@bartramandcotow
Tel: (01327) 359164
Fax: (01327) 359166
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