Economy

UK House Prices Rise 1.1% In October - Rightmove

Properties in the south of the country proved more hard to sell, with sales agreed down 7.9% compared with 3% in the north. In addition, the number of sales agreed was running ahead of 2016 over the summer, but has now fallen back with a 5.9% decrease compared to last September.

The price of property coming to market has seen a monthly increase of 1.1% in October, the Rightmove House Price Index has revealed.

Russell Quirk, founder and chief executive of eMoov.co.uk, added: "The north-south divide is no new division where United Kingdom house prices are concerned but a slower market climate in recent times has seen the divide nearly reversed with the more affordable areas in the North performing much better where actual price growth is concerned".

Sellers of homes targeted at second-steppers - people moving up from the first rung on the ladder - will have the easiest time in finding a buyer before Christmas.

According to Nick Leeming, chairman at Jackson-Stops, the driving force behind the slowdown in sales in September is the combination of a lack of supply of homes to the market and potential buyers being warier than usual due to the prospect of increasing interest rates. While they rose 3.1 per cent on the month, driven by owners of more expensive properties, achieving these prices is far from assured as buyers now have more choice, according to Rightmove director Miles Shipside. 'We are seeing more and more regional differences in the property market, so selecting an agent with detailed knowledge of your area is key to success, ' he said. Affordability is a hot political topic in the United Kingdom and Prime Minister Theresa May's government announced an extension of its "Help to Buy" mortgage-assistance program earlier this month, though economists questioned its effectiveness in London where house prices are still double the national average and 10 times the earnings of a first-time buyer.

Shipside observes: 'Whilst affordability is stretched, it is still countered by the motivation to own a home rather than rent, or the need for extra space to house a growing family.

Prices for those at the top of property ladder have edged up 0.7 per cent to £554,246.

"With the UK market showing positive signs of a recovery over the last few months it is unlikely the average UK seller will struggle as we approach one of the busiest periods in the UK property market calendar".

The data also shows that new sellers asked higher prices in eight out of 10 regions despite sales agreed numbers being down in nine in October compared to September 2016 and despite the current challenging environment, sales agreed numbers year to date are still 1.1% ahead of 2016. The extra challenge to sell these larger properties is especially noticeable in London, where the average time to find a buyer is now 86 days.

It is regions in the southern half of the country that are dipping most with an average of 7.9 per cent lower sales being agreed than this time a year ago, whilst the northern half performs somewhat better with a fall of only 3.0 per cent. Get that right and it will hopefully mean the present of a successful sale for Christmas and the gift of a new home in the new year.

Chris Chapman, managing director at Andrews Estate Agents, agrees that the key is getting the price right.

It noted that the East of England is still the strongest growing region, helped by strong performance in the likes of Bedfordshire (up 9.3 per cent annually).



Like this

Latest


17 October 2017
Securities Analyst Recommendations: BCE Inc. (BCE), Anheuser-Busch InBev SA/NV (BUD)
On average, equities analysts expect that Anheuser-Busch Inbev SA will post $4.13 earnings per share for the current year. Anheuser-Busch InBev SA/NV (NYSE:BUD) have diverse level of ownership. 29 funds opened positions while 47 raised stakes.

17 October 2017
Pioneer Natural Resources Company (PXD) fluctuated 5.10% - Monthly Good Performance
Equities analysts forecast that Pioneer Natural Resources Company will post $1.12 earnings per share for the current fiscal year. It worsened, as 75 investors sold PXD shares while 204 reduced holdings. 15 funds opened positions while 9 raised stakes.

17 October 2017
USMNT to face third-ranked Portugal on November 14 in Faro
The U.S. men's national team will play a friendly in Portugal on November 14, both countries' federations announced on Monday. Soccer said it "will determine in the coming days who will coach the squad for this friendly".

17 October 2017
Riyad Mahrez wins crucial point after brilliant Nacer Chadli strike
There was little to inspire either set of fans in a first half-hour that was characterised by the risk-averse play of both sides. Leicester City , however, ensured that the points were to be shared, thanks to Riyad Mahrez's effort - his first of the season.

17 October 2017
Tate may miss multiple weeks
Right tackle Rick Wagner was unable to handle his usual workload due to an undisclosed injury and guard T.J. We already knew the bye week was coming at the best possible time for many injured Detroit Lions .

17 October 2017
Veep star cast in Venom
A movie focusing on Silver Sable and the Black Cat, titled Silver and Black , is also in the works for this shared universe. The film has been confirmed to be an origin story of sorts for Venom . " Venom " hits theaters on October 5, 2018.

17 October 2017
Man Accuses Naughty Dog Exec Of Sexual Harassment And Bribery, Studio Responds
ND states harassment has no place at theirs or Sony's studios, and also claims they take these reports very seriously. Naughty Dog , a very progressive gaming studio, under Sony, has been hit with these allegations too.

17 October 2017
A Look Into Insider Activity With Gilead Sciences, Inc. (GILD)
PepsiCo had 56 analyst reports since July 21, 2015 according to SRatingsIntel. (NASDAQ: GILD ) to report earnings on November, 7. It is positive, as 78 investors sold GILD shares while 538 reduced holdings. 32 funds opened positions while 70 raised stakes.

17 October 2017
Germany Thump Colombia 4-0 To Secure Quarter-Final Spot
The Monday of October 16 would be a far more memorable day for Wueck and the German team. We knew Colombia are a very physical side and play a lot of long balls and high balls.

17 October 2017
Quarterly Earnings Forecast Overview: Las Vegas Sands Corp. (LVS)
Currently, 787.11 million total shares are owned by the public and among those 397.38 million shares have been available to trade. The stock is now moving below its 20-Day Simple Moving Average of -2.8% with a 50-Day Simple Moving Average of -0.69 percent.