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



Related posts:

Land Registry reports drop in prices in January
The Land Registry HPI announced today reported a -0.9% yearly drop in house prices, which were i...
Land Registry HPI down in all regions - except the North West!
The Land Registry is seen as the most accurate independent house price index and it's data for M...
Halifax HPI for July show various increases
The Monthly increase was 0.3%, taking the average UK House Price to £163,981. Over the three months ...