Rightmove.co.uks HPI for December 2013 sees a fall in asking prices, yet this is inline with the seasonal impact on the housing market. Indeed although a fall has been seen, it is the smallest December fall since 2006, which they believe indicates the recovery is gaining momentum.

Rightmove HPIRightmove.co.uks HPI for December 2013 sees a fall in asking prices, yet this is inline with the seasonal impact on the housing market. Indeed although a fall has been seen, it is the smallest December fall since 2006, which they believe indicates the recovery is gaining momentum.

Key Facts

  • Average asking price was down by -1.9% from November 2013
  • The percentage change since December 2012 was +5.4% helping to demonstrate the strong year that 2014 has been.
  • The Average asking price is therefore £241,455
  • Expectation is that 2014 price growth and volumes will exceed what we have seen in 2013
  • Rightmove.co.uks forecasts that asking priced with rise by up to 8% next year if the low supply continues as it is now, with an imbalance of only a 2% rise in new property versus a 13% increase in transactions

Miles Shipside, Rightmove director and housing market analyst:

“There’s a listing gap to fill. While sales transactions are up 13% so far in 2013, the number of newly listed properties is only up by 2%. To help mitigate the upwards pressure on prices it is important that home-owners who have a move on their minds make it a new year’s resolution to spring into action. After six years afflicted by the credit-crunch, there’s a definite window to move up or move on in 2014 before the market’s usual pre-election pause in early 2015.

Regional localisation

Rightmove.co.uk believe that in 2013 there will be very much pockets of momentum with highly localised movements in prices within certain towns and cities in a region – rather than the region as a whole.

They had already seen this in 2013 in towns and cities in the South but expect tha this will expand to the North, with Leeds, Manchester and York being potential northern hotspots. Even within these cities, different suburbs will progress at different rates.

London is predicated to rise by a further 6% next year with the ripple from the 2013 movement to drive up the South East by up to 10%.

“The Year to Move”

Rightmove.co.uk see the upward price pressures just building and suggest first-time buyers and those looking to trade up, to act early to avoid being caught out by a strong increase in asking price rises.

Miles Shipside advises:

“With Rightmove experiencing a 21% year-on-year increase in traffic, there is a definite sign of more people sizing up a move. Early spring marketing is the best option for trader-uppers as upwards price pressure could build if stock for sale continues to dwindle. The jump to the next rung of the property ladder could get wider, especially if those who do not have anything to sell can afford to jump in ahead of you. With mortgages still historically cheap and interest rates set to remain stable, if you’ve been putting off a good reason to up-sticks, it could be opportune to make 2014 the year to move.”