Regional house prices continue to grow despite the current political climate, according to the latest data from Rightmove.
House prices by 4% in Wales, 3% in the West Midlands, 2.6% in the North East and 2.1% in the North West. In fact, the price of newly-listed properties increased by 0.9% on average last month. Furthermore, Wales, the West and East Midlands, and the North West have experienced record-highs for the average price of property emerging on the market.
Experts say the change in seasons is a big factor in the housing market. Rightmove’s Director & Housing Market Analyst explained: “Price increases are the norm at this time of year, with only one fall in the last ten years, as new-to-the-market sellers’ price aspirations are under-pinned by the higher buyer demand that is a feature of the spring market. Indeed the 0.9% monthly rise is consistent with the previous two years’ average rise of 1.0% over the same period. What will seem inconsistent to some, given the ongoing uncertainty of the Brexit outcome, is that four out of eleven regions have hit record highs for new seller asking prices.”
Marc von Grundherr, of Benham & Reeves, said: “We are seeing increased activity from potential buyers with applicant registrations up quite significantly year on year. We are now seeing the bottom of the London market, whichever one you pick.”
The current property market is very much a buyer’s and seller’s market. Becky Fatemi, founder of Rokstone Properties, said: “The time it takes to sell has sped up because asking prices have also fallen. Finally sellers’ expectations and prices are aligning, now prices are more realistic the serious buyers are out looking.”
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