The recently published Rightmove price index has indicated several interesting trends in the property market. The latest report underlined an increasing average asking price across England and Wales, hitting a new record last month at £253,658. Building on a seven monthly rise and two consecutive record months, the price of newly marketed property has also risen by £860 in July bolstering a year on year growth of £11,561 or 4.8%.These figures have forced Rightmove to double their initial forecast of increasing asking prices from 2% to 4% citing an ‘aggregation of marginal gains’ as the reason for the increase.
Rightmove have concluded that the results of their recent House Price Index underlines signs of a broader based recovery, with all regions across England and Wales up year on year for the first time in almost 3 years. This in turn has led to increased confidence in the market, with twice the amount of people expecting average house prices to be higher a year from now. Perhaps unsurprising, Rightmove has also noticed a 5% increase in volumes of homes transacting, boosted by easing mortgage rates and availability as well as the government’s help to buy scheme.
If you have any questions about the current market in your area why not speak to a local member of the Intercounty Team. We will be happy to have a chat with you and advise you about any questions you may have.