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Record Prices defy BREXIT

Rightmove News:

Our House Price Index was released to the media this morning and gives a national picture of house prices and activity over the past few weeks.  For lettings, our quarterly Rental Trends Tracker released last month gives an insight into what we've seen in the rental market over the last quarter.

SALES

Regional price records defy Brexit uncertainty

  • Price of newly-marketed property increases by an average of 0.9% (+£2,841) this month, buoyed by the spring market and consistent with the previous two-year average of 1.0%
  • Four out of eleven regions are bucking any Brexit blues and have set new asking price records for newly-marketed property:
  • Prospective buyers in Wales, the West and East Midlands, and the North West are being confronted with all-time highs for the average price of property coming to market
  • Upwards price pressure and positive sentiment in these regions overcoming hesitancy to come to market, with average number of new sellers in the year to date steady at -0.3% compared with same period in 2018

In contrast the same comparison sees new listing numbers in the remaining seven regions down by an average of 6.5%

Read the full House Price Index here https://www.rightmove.co.uk/news/house-price-index/

 

LETTINGS

London asking rents hit record high with highest annual rate of 8.2%

London’s average asking rents have increased by 8.2% in the last year, with the average rental property in the capital now averaging a record £2,093 per month

The 8.2% increase is the highest annual rise in London since Rightmove began reporting this data back in 2012, while average asking rents in London are up 2.9% on last quarter alone

Demand outstripping supply with the number of available rental properties in the capital down by 33% compared with two years ago, while available rental stock has dropped 13% for the rest of Great Britain

The upcoming Tenant Fees Act will cap rental deposits to five weeks of rent in England, making the cheapest deposit in the North East at £630 and the most expensive in London at £2,415

Read the full Rental Trends Tracker here https://www.rightmove.co.uk/news/rental-price-tracker/

 

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