House prices jump in February, says rightmove
Asking prices increase at their fastest monthly rate for a decade as sellers hike prices in high-demand areas, says the property website.
Asking prices for homes in England and Wales have increased at their fastest pace for a decade so far this month, according to property website rightmove.
Prices have risen by 4.1%, having fallen by 0.8% in January, the highest monthly increase rightmove has recorded since April 2002. That’s a 1.4% annual increase and means the average house price in England and Wales, according to rightmove’s House Price Index, is £233,252.
Rightmove said a combination of factors led to the market bouncing back so strongly. Sellers in high demand areas have increased their prices but managed to sell. There is also more mortgage finance available for people with low deposits.
Rightmove has again pointed to the emergence of ‘micro-markets’ within regions, where demand is still high and stock is low. Prices in London are heading towards record levels, with asking rising by 4.3% in the past year.
There’s a definite north-south divide in rightmove’s report - with asking prices in the West Midlands, East Midlands, Wales, north west and north east falling in the last 12 months. All the regions in the south have seen prices rise overall.
At lovemoney.com, you can research all the best deals yourself using our online mortgage service, or speak directly to a whole-of-market, fee-free lovemoney.com broker. Call 0800 804 8045 or email mortgages@lovemoney.com for more help.
More: Selling homes: How to do it in a slump | How to get a mortgage with a small deposit
Most Recent
Comments
-
Nick, you can rest your case on a bar chart that shows that prices are rising in some parts of the country and falling in others but that doesn't change the facts from my previous post on this article: According to Nationwide prices are: up 2% on one year ago up 6.3% on three years ago (as an average across the country) ...unless you want to exclude the whole picture and focus on an individual statistic that supports your view..
REPORT This comment has been reported. -
Simon Ward said "nickpike - fair point, I have changed to asking prices. But I think the 'micro markets' frequently mentioned are holding up well and selling prices are not coming down, as they are buoying the rest of the market to a certain degree." Take a look at the bar chart here. I rest my case. http://www.thisismoney.co.uk/money/mortgageshome/article-2107108/House-prices-remain-stagnant-buyer-strongest-years-says-Hometrack.html?ito=feeds-newsxml With 0.5% interest rates, prices should be going to the Moon. Instead they are floundering and at low sales levels. When QE stops, interest rates will rise and prices will plummet. It's all happened before. Already mortgages are getting harder to obtain, and the insanity of interest only mortgages is to end.
REPORT This comment has been reported. -
Foxyman, you said "renters are exposed to the escalating rent hikes demanded by greedy landlords who enjoy the current low interest rates" Let's face it, if "greedy" means looking for the best return on capital, everybody is greedy. When I bought my house, I negotiated to get a lower price. If you were buying, selling, renting or letting, I'm sure you would also look for the best advantage to yourself. I'm not a landlord, but I know that they pull in something of the order of 5-6% on their outlay, with the risk of the home being neglected at best, or trashed at worst, by the tenants, and non-payment, etc, etc. I don't think what they make is excessive compared with the risk they take. If they have a reliable rent-paying tenant, it isn't in their interest to squeeze him to the point where he looks for alternative lodgings. "Greedy" seems to me like inflationary language.
REPORT This comment has been reported.
Do you want to comment on this article? You need to be signed in for this feature
28 February 2012