Rightmove.co.uk has released itsRightmove HPI March House Price Index (HPI) and reports an increase in the average asking price, up +1.7% over the month. Further key facts:
Further key facts:
- Average asking price now £239,710 in March HPI, up from £235,741 in February
- The represents a +1.7% increase over the month
- Over the year to date this is a +1.2% increase
- Represents the highest ever new seller asking price in the month of March
There is a growing belief that the price stability currently being seen will build momentum and subsequently help to promote increased transaction volumes in 2013.
This will be further boosted rightmove.co.uk believe by a “housing-led, confidence-boosting budget”. We will have to await the analysis of the budget announced this week.
Further assessment by rightmove.co.uk shows:
- 60% of home-movers believe prices will be ‘more or less the same’ in a year’s time and a further 23% expect prices will be higher
- 12% increase in new seller numbers yet unsold stock remains little changed indicating increase in sales
- quicker sales as average time on the market now 80 days compared to 90 days this time last year
- blindingly good’ returns boost buy-to-let activity – lowest ever remortgage finance at around 2% and average rental yield of nearly 6%, plus prospect of capital growth
Miles Shipside, Rightmove director and housing market analyst comments:
“In today’s turbulent world where economic crises seem more likely to re-appear than disappear, any market upturn will take longer to build home-mover confidence to the point that it starts to feed through to actual transactions.
Even those who truly believe that the market has turned a corner may be unable to do anything about it due to lenders’ cautious risk profiling, a significant factor limiting the speed and strength of the recovery. However, with new sellers asking more than ever before as we enter the traditionally busy spring market and an expectation among home-movers of price stability or growth, there is now a bedrock upon which confidence and momentum appear to be building.”