The Monthly UK house price statistics for June are in – Here are our main takeaways…
The figures for June show that prices of property new to the market continue to improve when looking at the national picture with the average price for property new to the market now sitting at £309,348. These figures have been buoyed by record price levels in some areas of the country – particularly in the North West and the Midlands where average prices have improved in June, counteracting price drops in some regions further south. Nationally, asking prices have improved by £1058.00 or 0.3% in the month
Here in the South West, prices have remained stable with just a very minor reduction of 0.2% in asking prices when compared to May 2019.
Prices are holding up pretty well, despite the seemingly never ending saga of Brexit, with a leadership content in the Conservative Party now adding to the uncertain political climate. There has been a reduction in the number of properties available however with new seller supply down an average of 5% across the regions compared to the same time last year.
Miles Shipside, Rightmove director and housing market analyst comments: “The national trend sees new seller supply down by an average of 5% so far this year compared to the same time last year, indicating some hesitancy on the part of would-be sellers, especially notable in parts of the south. However, these better performing northerly regions are all beating that national average. In the East Midlands, new seller supply is up by 0.3%, in Yorkshire & the Humber it’s down by just 0.2%, in Wales it’s fallen by 2.5% and in the North West it’s dropped off by 2.7%.”
There has also been a reduction in the number of sales agreed in the period with a seeming reluctance of sellers to bring their property to the market in the southern regions contributing to less property choice for buyers in the area and fewer deals done as a result. The national average for the number of sales agreed is down by 4.3% in the first half of the year, when compared to the same period last year. The areas further north in which prices are improving have also seen higher activity levels.
Miles Shipside adds: “The national market faces a range of challenges, with overall average asking prices barely changed from last year, and activity levels slightly lower. Some buyers are hesitant due to the long-drawn-out uncertainty of Brexit, and there is also a slight tightening of mortgage availability and stretched buyer affordability, especially when it comes to raising a deposit.
If it is time for a move, or if you are interested to find out whether there has been a change in the value of your property, Get in touch with us for a free property consultation. The property market looks set to stay positive into summer with blue skies traditionally bringing more buyers to the market. For more advice on selling or just for an informal chat, pop in to one of our local offices.