Rightmove states housing market as normal

The Brexit vote does not seemed to have exacerbated the usual summer listings lull, Rightmove data shows.

Figures from the property portal’s latest house price index show that new listing prices fell 1.2% on average to £304,222 during August, in line with the usual seasonal drop over the past six years.

The portal said 2016 could be a year of two halves with the first characterised by the Stamp Duty rush and the EU referendum, while the next six months could be boosted if there is an autumn rebound.

Annually, the figures show growth has slowed from 4.5% to 4.1%.

Second steppers have seen the biggest annual growth, with new listings up 6% to £257,495, but that is down 0.4% on July.

First-time buyers have seen prices slide 0.5% since July to £188,237, but that is still up 5.8% annually. Those at the top of the ladder have seen the slowest annual growth and biggest monthly drop in prices at £538,755, down 2.9% since July and up just 2.7% year-on-year.

Larger homes, those with four bedrooms or more, are taking 74 days to sell from being advertised on Rightmove to being marked as sold subject to contract by agents, while both first-time buyer and second-stepper properties are taking 58 days on average.

Overall, properties are taking longer to sell at 60 days, compared with 57 in May, but if you look further back, the average was 66 in August 2015. So on a year-on-year basis they are actually selling faster.

Miles Shipside, Rightmove director and housing market analyst, said: “Many prospective buyers take a summer break from home-hunting, and those who come to market at this quieter time of year tend to price more aggressively.

“This summer is also affected by both Brexit uncertainty and the aftermath of the buy-to-let rush in March to beat the Stamp Duty deadline.

“Most sellers seem to recognise that buyers may want some extra encouragement to get them to put their towel on a property to reserve it as well as on their sunbed.

“The average fall in new seller asking prices at this time of year has been 1.2% over the last six years, so this month’s fall is exactly in line with the long-term average.”

Inheritance Tax Guide How to Save £1000s
How to avoid New Buy-to-let tax
Save £1000s on your mortgage
Save over £500 on Gas and Electric
Free Unlimited Broadband

Written by: Houseladder