Recent data has shown that a rise in housing demand has led to an uplift in asking prices for most regions across the UK.
According to Rightmove’s index report, February saw asking prices grow by 0.8% month-on-month, with a yearly increase of 1.5% up to £300,001 on average.
Whilst the South West was the only region to see a monthly fall in asking prices, prices here remain 3.3% greater than last year.
On a yearly basis, growth in prices was driven by the East Midlands and West Midlands, which saw respective rises of 6.3% and 4.9%. At the other end of the spectrum, London saw annual growth decline by 1%.
Commenting on the figures was Miles Shipside. The director and housing market analyst at Rightmove highlighted the added optimism of the market, despite the seasonal nature of the figures, stating: ‘Whilst it is the norm for new sellers’ asking prices to be buoyant at the start of a new year, this first complete month in 2018 is seeing more pricing optimism than the comparable period in 2017.
‘The political and economic uncertainty is out of sellers’ control, but they are in control of their asking prices, and in general, they are not being overly ambitious or setting too high an asking price. This month’s rise of 0.8 % is well below the 1.6 % monthly average at this time of year over the last 10 years, and it is wise for sellers to be cautious and not to over price given stretched buyer affordability.
‘However, with a myriad of local markets with different supply and demand dynamics, those contemplating a move should monitor their area and use the expertise of local agents with their fingers on the pulse.’
