Plus the number of days to sell has reduced
The EU referendum has failed to dampen valuations but the number of new listings has dipped just over 5%, according to Rightmove’s House Price Index.
The data shows the average price of property coming to market over the last month hitting a new high of £310,471, up 0.8% on April – and over £100,000 ahead of the £209,000 that the Government’s new official house price index said was the average selling price in April.
The latest rise in new asking prices is in contrast to the run-up to the May 2015 general election, when the electoral uncertainty resulted in a price fall of 0.1% in the month of the election.
Despite values rising, fewer new sellers are coming to the market, with this month’s new listings being 5.3% below the monthly average for this time of year. The most reluctant are owners of larger homes, those with four or more bedrooms, with 6.6% fewer sellers over the same time period.
Homes are also selling faster with the average number of days to sell at 57 in May, down from 60 the previous month. At this time last year it was 65 days.
Prices for first-time buyers and second steppers rose 8% year on year, while they were up 3.3% at the top of the ladder.
On a monthly basis, first-time buyer prices fell 2.4% while they were up 1.8% for second steppers and 0.7% for the top of the ladder.
Miles Shipside, Rightmove director and housing market analyst, said: “If you’re debating whether to trade up and make a big financial commitment you naturally might hesitate before putting your property on the market just a few weeks before you know the vote outcome.
“With mere days to go, the number of new listings is still about 95% of the norm for this time of year, so the drop-off is relatively small in spite of what many are calling the biggest vote of our generation.
“This could mean that people are struggling to assess what the impacts might be, or are choosing to ignore them until they become more apparent.
“A vote to Remain should mean that the housing market quickly returns to its previous norm, but a vote to Leave would create political and economic uncertainty, which historically has had more serious repercussions.”
Rightmove analysed new listings between May 8 and June 11.