The Monthly UK house price statistics for May are in – Here are our main takeaways…
The figures for May show an expected increase in the asking prices of new to market properties – in line with the previous ten years, average prices are up by just under 1% in the month. This bring the average asking price for a property new to the market to £308,290 and reflects the more active spring market. The regional picture here in the South West shows a rise on 1.9% in the month – our region, once again improving on the national picture.
Miles Shipside, Rightmove director and housing market analyst comments: “Price increases are the norm at this time of year, with only one fall in the last ten years, as new-to-the-market sellers’ price aspirations are under-pinned by the higher buyer demand that is a feature of the spring market. Indeed the 0.9% monthly rise is consistent with the previous two years’ average rise of 1.0% over the same period. What will seem inconsistent to some, given the ongoing uncertainty of the Brexit outcome, is that four out of eleven regions have hit record highs for new seller asking prices.”
The spring is traditionally thought to be the busiest time for the housing market so it is no great surprise that asking prices are on the rise. When market activity is strong, it tends to have a positive effect with activity leading to more activity. In some areas of the country, asking prices for property new to the market are now at an all time high – Wales tops the list having seen a monthly increase in excess of 2%. All this activity is having an impact on the average time to sell (down to 64 days from a high of 77 in January 2019) as well as the average stock per agent which has crept up to 50 from January’s low of 45
Miles Shipside, Rightmove director and housing market analyst says: ”These increases are the result of a combination of strong demand, buyers’ affordability headroom, and a continuing shortage of suitable properties. Agents in these areas say that Brexit concerns are not really on the agenda of home-movers; they are more concerned with satisfying their housing needs.”
If it is time for a move, or if you are interested to find out the 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 throughout the late spring and early 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.