Rightmove forecast for 2013 doubles

Rightmove Doubles Forecast for 2013

Rightmove.co.uk’s July House Price Index sees a further increase in asking prices, leading to seven monthly rises in a row and two consecutive record months.

Newly marketed property prices increased by 0.3% in the monthly and the year-on-year growth boosted to 4.8%.

  • Average asking price in the UK is £253,658
  • Monthly increase in asking price by £850
  • Yearly increase in asking price by £11,561

Rightmove.co.uk has also doubled its 2013 forecast from 2% to 4% as ‘aggregation of marginal gains’ fuels the recovery with some of the following as factors:

  • Broad based recovery signs, with all regions up year-on-year – the first in nearly 3 years
  • The number of people expecting average prices to be higher a year from now has doubled from 31% to 62% – compared to last year
  • Transactions already up 5% year-to-date and lead indicators suggest more in the pipeline
  • Positive borrowing window with the markets not expecting base rate rises for three years

Regionally the largest growth was Greater London with 12% over the year, closely followed by South East, North West and East Midlands all with mid 4% increases.

The bottom of the regional chart is the West Midlands with 1.0% – although the North, Yorkshire and Humber and East Anglia were all below 2%.

Miles Shipside, Rightmove director and housing market analyst comments:

“The market is currently benefitting from the ‘aggregation of marginal gains’ where incremental improvements across a range of key market drivers compound to slowly but surely build momentum. Rightmove’s lead indicators show increases in enquiries, new sellers and marketing prices. An important milestone for a broader-based and sustainable recovery is that all regions of the country now have higher prices than a year ago firmly on
the record”.

Alec Hanson

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