Rightmove: UK house prices rise by 3,000 as property market rebounds
The UK real estate market has had a rough start to 2023, but rising bids show that the sector remains resilient despite difficult economic conditions. We look at what’s happening to house prices right now.
According to the latest Home Price Index from online real estate brokerage Rightmoves, the average price of properties on the market rose 0.8 per cent (2,906) in March, primarily due to increases in large home prices.
However, this is slightly below the average monthly increase of 1% seen in March over the past 20 years as sellers took discounts on properties.
The average price of properties on the market is currently $365,357.
The cooling effect of the high interest rate environment and cost of living crisis is still reflected in the data. Annual home price growth has moderated to 3% from 3.9% in the previous month, and new seller asking prices are now $5,800 below their October highs as markets return to pre-pandemic activity levels.
Top-floor homes increase average asking prices.
Larger trapezoidal homes increased their average asking price by 1.2% monthly, but sales of these larger homes were down 10% compared to the same period in 2019.
Phase 2 homes saw a modest 0.4% increase in asking prices, but sales were down 13% from the same period in 2019.
Meanwhile, first-time buyer properties with two or fewer bedrooms are taking longer to recover. Agreed sales were down 4% from the same period in 2019 and 18% behind last year’s peak.
The price of this property is down 500 from its peak. But with all-time high rents leaving first-time buyers struggling to save up for a deposit and mortgage rates much higher than they were two years ago, it may take longer for this segment of the market to recover.
How have house prices changed by region?
House prices rose in all parts of the UK except for London and East England, down 0.1% and 0.2% respectively. They’re still 2.5% and 1.8% higher year-over-year.
The average house price tag in London is 680,806 and in the East of England it is 415,836.
The Northeast region experienced the largest monthly change, up 2.5% from February and 4.7% year over year. The median cost of a home in this area is $184,000.
Wales and the South West average house prices increased by 2% per month to 256,596 and 385,171 units respectively.
The South East, East Midlands and North West saw monthly price increases of 1.2%, 1.4% and 1.1%, respectively. West Midlands and Yorkshire and the Humber showed modest growth of 0.2% and 0.6% respectively.
Where will UK property prices go next?
The Office for Budget Responsibility (OBR) projects a 10% drop in home prices through 2024 due to low consumer confidence, inflationary pressure on real incomes and expectations of higher mortgage rates.
Other home price indices believe the real estate market is heading down. The Royal Institution of Chartered Surveyors (RICS) reported that new buyer demand remains sluggish, and Nationwide-reported home prices fell last month by the most since 2012.
But RICS also said the market appears to be stabilizing and Rightmove’s data is also encouraging. The housing market has proven to be more resilient than previously thought, despite some headwinds.
Home prices have risen rapidly throughout the pandemic, and the recent drop in prices seems to reflect a return to normal growth rates rather than a full blown collapse.
However, a lot of uncertainty remains and the price could go much further.
Currently, the average rate on a 15 per cent deposit, five-year fixed-rate mortgage is starting to fall to 4.65 per cent, down from 4.75 per cent last month and 5.89 per cent in October, according to Rightmoves calculations.
However, this is well above the 2.48% available at this time last year.
Sarah Coles, head of personal finance at Hargreaves Lansdown, says lower mortgage rates may convince more people to dip their toes into the real estate market, which again means that price declines aren’t as brutal as expected. said it could mean
However, given that demand remains weak and uncertainty about the mortgage market’s trajectory, now is not the time to get excited.
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