The strong appetite from home movers continues as we progress further into 2018, this is according to the latest Rightmove House Price Index. They report that the asking price of newly marketed property has jumped 1.5% in March (+£4,503) following strong demand in the first two months of the year. First-time and second-stepper sectors hit all-time price highs of £189,840 and £272,031 and overall average prices also hit new record in four out of eleven regions.The report goes on to report that this is the largest seen at this time of the year since 2007. However, with January and February price rises having been somewhat subdued this year, there may be an element of catch up supplementing this months figure. Over the first quarter of 2018 the price of property coming to the market is up by 3.0%. This is a stronger performance than the first quarter of 2017 (+1.9%) but weaker that the 3.6% rise in 2016 which was inflated by the rush to beat the stamp duty deadline on second homes.
Miles Shipside, Rightmove director and housing market analyst commented: “Many buyers entering the traditionally busy spring market this year face paying more than ever for their target property, and having a more limited choice. High demand and limited supply I parts of the country mean that the average price of newly-marketed property is at its highest ever level in four of eleven regions. There is also upwards pressure in the lower and middle market sectors with both first-time-buyer and second-stepper properties at new national record price highs. The first two months of 2018 saw Rightmove traffic at its highest ever levels, and this demand appears to be now feeing though to fuel the substantial £4,503 jump in average new seller asking prices this month”.
You can read the full report from Rightmove here: http://www.rightmove.co.uk/news/house-price-index/.