Property asking prices reach record high
The UK Property Market remains resilient, and has proved the referendum fears of a slump unfounded. Recent figures indicate that sellers’ Property asking prices reach record high of over £313,000 on average in April. The average asking price on a property listed for sale increased by £3,547, in England and Wales. This is equivalent to a 1.1% month-on-month jump, to reach £313,655. The figures, released by property website Rightmove, said that the average asking price in April surpassed a previous high of £310,471 reached in June 2016. With several agents reporting that they are to find homes to sell which highlights the supply shortfall across the property market.
Property Market Sentiment Rises
Additionally, the market sentiment in the UK property market rises despite the forthcoming General Election in June. Confidence in the UK housing market has risen according to Halifax’s housing market confidence tracker. Nearly six in 10 (58 per cent) expect the average property price in England and Wales to rise in the next 12 months, compared to just one in 10 (14 per cent) who expect prices to fall. In May 2015, a record high of 72 per cent were anticipating price rises. The Halifax bank’s house price optimism survey, which tracks consumer sentiment on whether house prices will be higher or lower in a year’s time, has improved two points to hit 44 from a net score of 42 in October 2016. The improvement comes after a record fall in October 2016 following the EU referendum result.
Property Market Defying Expectation
Some economists have forecast static prices this year of 2% at most; In response to a squeeze on disposable incomes from rising inflation and slowing wages growth. But others have argued the failure to increase the housing stock will keep prices increasing at nearer 5%. The number of house sales being agreed are at levels which have not been seen since before the credit crunch. This has helped to sustain rising asking prices. Said Rightmove. Director of Rightmove, Miles Shipside, has said there were signs of a “strong spring market”, which should help to offset any jitters in the market before the general election on 8 June. The first-time buyer sector has now become a force in driving house prices up. Rightmove said, after changes to favourable tax rules are now deterring buy-to-let buyers from competing for similar properties. Shipside said the number of sales being agreed was the highest for this time of year since 2007.
House Prices to Soar over the next 4 years. Read Full Article
Expectation is that prices will soar over the next 4 years despite Brexit uncertainty; according to the Centre for Economics and Business Research (Cebr).
Property asking prices reach record high
The UK Property Market remains resilient, and has proved the referendum fears of a slump unfounded. Recent figures indicate that sellers’ Property asking prices reach record high of over £313,000 on average in April. The average asking price on a property listed for sale increased by £3,547, in England and Wales. This is equivalent to a 1.1% month-on-month jump, to reach £313,655. The figures, released by property website Rightmove, said that the average asking price in April surpassed a previous high of £310,471 reached in June 2016. With several agents reporting that they are to find homes to sell which highlights the supply shortfall across the property market.
Property Market Sentiment Rises
Additionally, the market sentiment in the UK property market rises despite the forthcoming General Election in June. Confidence in the UK housing market has risen according to Halifax’s housing market confidence tracker. Nearly six in 10 (58 per cent) expect the average property price in England and Wales to rise in the next 12 months, compared to just one in 10 (14 per cent) who expect prices to fall. In May 2015, a record high of 72 per cent were anticipating price rises. The Halifax bank’s house price optimism survey, which tracks consumer sentiment on whether house prices will be higher or lower in a year’s time, has improved two points to hit 44 from a net score of 42 in October 2016. The improvement comes after a record fall in October 2016 following the EU referendum result.
Property Market Defying Expectation
Some economists have forecast static prices this year of 2% at most; In response to a squeeze on disposable incomes from rising inflation and slowing wages growth. But others have argued the failure to increase the housing stock will keep prices increasing at nearer 5%. The number of house sales being agreed are at levels which have not been seen since before the credit crunch. This has helped to sustain rising asking prices. Said Rightmove. Director of Rightmove, Miles Shipside, has said there were signs of a “strong spring market”, which should help to offset any jitters in the market before the general election on 8 June. The first-time buyer sector has now become a force in driving house prices up. Rightmove said, after changes to favourable tax rules are now deterring buy-to-let buyers from competing for similar properties. Shipside said the number of sales being agreed was the highest for this time of year since 2007.
House Prices to Soar over the next 4 years. Read Full Article
Expectation is that prices will soar over the next 4 years despite Brexit uncertainty; according to the Centre for Economics and Business Research (Cebr).
Share This Story, Choose Your Platform!
Related Posts
House Price Growth Reaches 5 Year High
Stamp Duty Holiday Creates Surge From Overseas Investors
Stamp Duty Holiday
UK Housing Boom: £2,500 Jump in prices
UK Property Market Continues To Be Resilient