Bumper start to 2015 for housing market
Housing market has enjoyed a strong start to the year, according to Rightmove.
The housing market has enjoyed a bumper start to 2015, according to Rightmove.
The property portal reported record page views on Sunday 11th January, with site visits up a whopping 10% on January last year. What's more, new sellers' asking prices have increased by 1.4% (£3,798) at a time of year when prices usually fall.
Rightmove has highlighted the Stamp Duty changes as a possible spur, following a slowdown in activity at the end of 2014.
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Region to region
Here's how asking prices have changed in the various regions of the UK on both a monthly and annual basis.
|
Region |
Average price January 2015 |
Average price December 2014 |
Monthly change |
Average price January 2014 |
Annual change |
|
Greater London |
£566,404 |
£561,090 |
0.9% |
£502,297 |
12.8% |
|
South East |
£357,534 |
£349,415 |
2.3% |
£327,087 |
9.3% |
|
East of England |
£285,093 |
£283,748 |
0.5% |
£261,949 |
8.8% |
|
South West |
£267,623 |
£259,779 |
3% |
£248,878 |
7.5% |
|
West Midlands |
£189,400 |
£184,094 |
2.9% |
£181,905 |
4.1% |
|
East Midlands |
£177,170 |
£175,495 |
1% |
£170,625 |
3.8% |
|
Wales |
£166,833 |
£162,472 |
2.7% |
£157,425 |
6% |
|
North West |
£163,596 |
£163,596 |
0% |
£156,400 |
4.6% |
|
Yorkshire and the Humber |
£161,199 |
£161,555 |
-0.2% |
£158,609 |
1.6% |
|
North East |
£135,055 |
£137,456 |
-1.7% |
£134,052 |
0.8% |
The early bird advantage
Rightmove reckons those making a move early this year have an advantage.
This is because the supply of property coming on to the market isn't adequately filling the demand - stock has fallen 10% compared to the same period in 2014, which is pushing those prices up. Moving quickly means you get a better pick of the housing crop, and likely at a cheaper price.
And as prices move upwards, the saving from the revised Stamp Duty rules will diminish.
What's more, the portal reckons that selling a property will be harder this year than in 2014. As it's now harder to get a mortgage thanks to the Mortgage Market Review (MMR), Rightmove reckons buyers won’t settle for less than what they want, where they want. That means they're more likely to postpone their move rather than take what they can, leading to a potential dip in the market, particularly around the election.
As a result, Rightmove has christened 2015 the year of the 'selective mover'.
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More on housing:
House prices continue slowdown, says Halifax
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