The Monthly UK house price statistics for April are in – Here are our main takeaways…
The figures for April show an expected increase of the asking price of properties new to the market nationwide. This is usual for the time of year and shows that the market continues to perform as expected. The Family home sector (made up of 3 and 4 bedroom properties, excluding 4 bedroom detached) is outperforming other market sectors. Properties in this sector are more likely to come to market, more likely to maintain value and more likely to sell than other types of property. This shows that the needs of families, such as needing more space or proximity to schools, are over-riding the market uncertainty.
Miles Shipside, Rightmove director and housing market analyst comments: “Properties in this middle sector offer the ideal escape route to families looking for more bedrooms, more space and their choice of schools. They are often second-steppers outgrowing their first property and it gets harder to postpone a move with growing children. They may have already delayed for a year or two waiting for Brexit clarity, and understandably their patience is wearing thin. While some movers are awaiting the outcome of deal or no deal, many families are keeping on dealing in the housing market.”
New seller asking prices are up overall, with the national picture showing a 1.1% increase. Here in the South West, new seller asking prices have kept slightly ahead of the national picture with a 1.2% increase in asking prices. This has brought the average price of a property nationwide to £305,449 and a whisker higher here in the South West at £305,911.
Shipside adds: “The rise in new seller asking prices reflects growing activity as the market builds momentum, egged on by the arrival of Easter. Some sectors of the market and some parts of the country have strong buyer demand and a lack of suitable supply. However, on average, properties are still coming to the market at slightly lower prices than a year ago. It’s one of the most price-sensitive markets that we’ve seen for years, with buyers understandably looking for value or for homes with extra quality and appeal that suit their needs.”
Now that the Brexit extension has been confirmed and the uncertainty surrounding a deal (or not) has been deferred, we hope to see a more robust market generally, in keeping with the usual increased activity levels at this time of year. “The regional figures, showing the South West performing well within the nationwide picture, can only help to keep market confidence high as we move into the peak selling season” commented Dan Barclay, a partner at Seddons Tiverton office.
If you are considering testing the market, this is a great time of year to do so. With new seller asking prices on the increase and the usual increase in market activity over Easter and beyond to look forward to (especially now that Brexit, and the prospect of ‘no-deal’ has been delayed until later in the year). Get in touch with us for a free property consultation.