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emfizz.com September 24, 2017


House prices remain flat a year after Brexit - Rightmove

17 July 2017, 02:49 | Jan Cross

House prices remain flat a year after Brexit - Rightmove

Sold Home For Sale Real Estate Sign in Front of Beautiful New House

The average price of newly-marketed property in July is nearly static, up by just 0.1 per cent - the equivalent of £312 - although this is a better performance than the June figure reported by Rightmove, which showed a 0.4 per cent fall. "Low unemployment, low interest rates, strong demand and historic undersupply of homes are mitigating any wobbles in confidence and as a result almost half the properties on the market, over 45 per cent, have sold signs slapped across them".

It was a stronger performance than the previous month, which witnessed a fall of 0.4 per cent, and a significant improvement on the 0.9 per cent fall that came in the wake of the European Union referendum result in July 2016.

The average price in June was £301,114, down 0.2% on May.

Despite the marginal growth, this is an improvement on the 0.4 per cent fall in prices between May and June this year and the 0.9 per cent drop in the same month last year.

More than half the unitary authority areas in England in Wales - 60 out of 108 - reported prices falling over the month. Meanwhile wage growth has failed to keep up with this increase.

The Director of Rightmove, Miles Shipside, comments: "Prices are in the summer doldrums".

The past month has seen a turnaround in expectations for interest rates, with three members of the Bank of England's monetary policy committee voting to raise the base rate from 0.25 per cent at the last meeting.

Proportion of Properties Sold Subject to Contract Hits Seven Year High
Proportion of Properties Sold Subject to Contract Hits Seven Year High

On a yearly basis, house prices advanced 2.8 percent.

'Buyers, many of whom are sellers too, will struggle to afford to pay much more'.

'We can see now that price rises are muted despite high housing demand, indicating we have left the stage of the cycle where price rises exceed the rate of inflation'.

The biggest monthly falls were recorded in the North East - where prices dipped 1.3% - and Yorks and Humber - where prices fell 1%.

Despite this, prices are still up by 3.8% or £11,037 up on this time a year ago, however the Index shows that a North-South divide seems to have re-emerged.

The survey also revealed that the number of housing and apartment sales agreed between June and July was 4.6% higher compared to a year ago, with 7.6% more sellers coming to the market.

"While the number of existing owners coming to market this month is up in eight out of ten regions compared to a year ago, giving more fresh choice, it has to be kept in mind that the comparison is against a subdued new listing period in 2016 around the time of the referendum".

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