Mortgage Advice Bureau : Rightmove House Price Index February 2018

Brian Murphy Head of Lending for Mortgage Advice Bureau comments:

'Rightmove's report provides us with an analysis on asking prices and sales trends, rather than completed transactions which tend to provide a more historic market view. Therefore the insights from today's data are an accurate and timely indication of consumer activity and sentiment following the first full month of 2018, and suggest that buyers have been active across the country over the last month, leading to an encouraging start to the New Year for the UK property market.

Certainly, the signs all point to confidence still being in evidence, based on Rightmove's highest ever monthly figure for visits, as well as the news that all regions saw month on month increases, other than the South West where prices remained broadly similar on the previous month. The report also shows annual increases in asking prices in all regions other than London, which continues to lag behind the rest of the country. The modest overall annual increase of 1.5%, up from 1.1% the previous month suggests that those who are selling their properties are pricing realistically in order to achieve a timely sale, which is reflected in the Top Ten League figures showing that areas such as Scotland, the East and West Midlands and West Country are seeing sales agreed in 22 days or less at the moment, versus London where the average time to sell is currently standing at 83 days. The 2% national increase in properties coming to the market is a move in the right direction, however it probably won't ease the supply and demand issues in many areas, with the average amount of properties on the market per estate agent dropping back down to 42, the previous low point at the beginning of 2017.

All in all then, whilst the overall feel might be one of restrained enthusiasm, it's possible to suggest that's not the worst place for us to be at the moment. With Carney's recent comments pointing to another interest rate rise perhaps sooner than was previously anticipated, a property market that is keeping on an even keel, as this latest report would suggest, is far more welcome news than that of significant price hikes.'

To read the full report, please click here.