You are here: Home - Mortgages - First Time Buyer - News -

Homebuyer enquiries rise as asking prices see largest monthly rise on record

0
20/01/2020
Homebuyer enquiries rose by 15 per cent between December and January, compared to a year ago, signalling a return of optimism to the property market, Rightmove has claimed.

The latest housing market index from the estate agent revealed more than 1.3 million buyers made enquiries to purchase a home over the period which led to a 7.4 per cent year-on-year growth in the number of sales agreed.

Asking prices increased by 2.3 per cent, compared to November, representing the largest monthly rise ever recorded by Rightmove since it began its index in 2002.

Miles Shipside, Rightmove director and housing market analyst, said: “These statistics seem to indicate that many buyers and sellers feel that the election result gives a window of stability. The housing market dislikes uncertainty, and the unsettled political outlook over the last three and a half years since the EU referendum caused some potential home-movers to hesitate.

“There now seems to be a release of this pent-up demand, which suggests we are in store for an active spring market.”

For first-time buyers, however, the lack of housing stock being put up for sale means they now face high prices in the starter home market.

Newly-marketed properties with two bedrooms or fewer now have a national average asking price of £193,103.

Shipside added: “First-time-buyer activity has remained strong, buoyed by cheap interest rates and the high costs of renting. The downside of this high demand is upwards price pressure, with the average price of typical first-time-buyer property hitting a new record high.

“However, the annual rate of increase remains fairly modest at 1.6 per cent, less than the rate of growth in average earnings, so affordability has actually improved a little for first-time buyers.”

 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
How to profit from Veganuary

Food stores and restaurants are jumping on the vegan bandwagon and with the Veganuary trend predicted to continue, here are...

Close