Price of property coming to market within a whisker of new record
Towns and cities across the country are continuing to defy ongoing Brexit uncertainty as four northern regions are seeing record price highs, new Rightmove data has shown.
The places setting new all-time price highs are the East Midlands, the North West, Wales and Yorkshire & the Humber, with these regions also outperforming the national average in terms of the number of properties coming to market and the levels of sales agreed so far in 2019.
Rightmove’s property expert Miles Shipside said: “With the country supposedly consumed by the twists and turns of Brexit, it’s surprising that the price of property coming to market is within a whisker of setting a new record.
“At £91 below June 2018’s figure of £309,439, it’s within touching distance of the previous high. More buoyant markets in the north and midlands are helping to nudge up prices due to the seemingly relentless strength of buyer demand. Buyers in four regions are seeing higher new seller asking prices on average than ever before.”
As we enter the summer market, new seller supply remains constrained throughout the UK, down by an average of 5.0% versus the same period in 2018.
The hesitancy of would-be sellers coming to market in the south means less property choice for buyers and fewer sales agreed in those regions.
Despite this, the national average for the number of sales agreed in the first half of the year is down by only 4.3% on the same period last year. The regions which have set new price records are again all selling better than the national average, with Wales 0.2% ahead of last year, Yorkshire & the Humber down by 1.9%, the North West dropping off by 3.3%, and the East Midlands down by 3.7%.
Shipside added: “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.
“There is however a marked north/south divide as all northern regions are selling better than those in the southern part of the UK. To sell in these more difficult locations you have to undercut the asking prices of similar properties, and preferably have a well-finished and expertly marketed home that will all combine to stir hesitant buyer interest.”
To read June’s House Price Index in full, click here.
