Average house price in the UK goes up by just £14 in a month in ‘smallest January rise for more than 20 years’
- The average price of a property in UK is just £14 higher than the previous month
- It was the smallest rise property website Rightmove has recorded since 2001
The average price of a home for sale in the last month was £362,452 – £14 higher than the previous month, according to property website Rightmove.
It was the smallest rise Rightmove had recorded between January and February in records going back to 2001.
But increasing numbers of buyers are said to be snapping up properties again as the market staged a stronger than expected start to 2023. The number of sales agreed was down just 11 per cent on 2019.
Rightmove said there were 24 per cent fewer homes for sale compared with 2019, but more choice than a year ago.
Its figures show that the first-time buyer market is recovering better than the upper-end.
The average home loan rate has fallen to 4.82 per cent.
Alexander James McNeil, of Huddersfield-based estate agent Bramleys, said: ‘December was the poorest month we’ve had in ten years.
Rightmove said there were 24 per cent fewer homes for sale compared with 2019
‘Normally, we sell around 35 properties a month, but in December we had just eight sales.
‘Now, new stock is coming onto the market and we’re doing multiple viewings per property again – it seems buyers and sellers are far less nervy and we’ve returned to a ‘normal’ market.’
Simon Woodcock, of estate agents Robinson Michael & Jackson in Kent, said: ‘We saw an increase in seller activity in January.
‘The market has moved to a better balance of supply and demand – we are seeing some potential 2022 sellers take the plunge early in 2023.’
Last week, the ONS said property values slid by £2,000 between November and December – a lower drop than anticipated by experts. That came after Halifax said home values stabilised in January after three months of falls.
According to Rightmove, Scotland saw the biggest rebound, with a monthly 7.5 per cent rise in asking prices. It is also the fastest spot to sell a home after listing, taking 51 days. London homes recorded asking price rises of 2.1 per cent over the month and Yorkshire and Humber 1.9 per cent.
In the East Midlands asking prices dropped 2.3 per cent. Rightmove says the capital is the slowest region to sell a home. It took 74 days on average – some three weeks longer than Scotland.
Tim Bannister, from Rightmove, said: ‘There are indicators that this will be a softer rather than a hard transition despite the turbulence at the end of 2022.
‘The frantic market of recent years was unsustainable in the long term, and our key indicators now point to a market which is transitioning towards a more normal level of activity after the market turbulence at the end of last year.’
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