The average price of property coming to the market has remained broadly unchanged this month, as demand continues to improve.
The latest House Price Index from Rightmove indicates asking prices have risen by just £14, the smallest ever increase from January to February. It takes the average price to £362,452. The portal suggests it’s a sign more sellers are heeding agents’ advice to be more realistic in their pricing.
The latest snapshot of buyer demand shows the number of people contacting agents is up by 11% in the last two weeks compared with the same period in 2019’s more normal market.
The number of sales agreed continues to rebound, and is now just 11% down on 2019’s levels, recovering from 15% down at the start of the year, and 30% down in the aftermath of the mini-budget.
Average rates for a 15% deposit five-year fixed mortgage are now 4.82%, down from October’s 5.90%.
While there is still an overall shortage of property for sale, down by 24% compared to 2019, there is more choice for buyers than a year ago, giving prospective buyers confidence for their onward move.
The latest sales agreed figures show it is the first-time buyer sector that is recovering better than others.
Sheldon Bosley Knight’s head of residential sales and marketing, James Morton said: “This is good news for those looking to buy or sell. We have always maintained if priced accurately a property will sell and this proves the point.
“There are still plenty of properties out there if people are looking to buy and it remains a good time to sell. Mortgage deals are also better than they were a few months ago and our offices continue to see a great deal of positive activity in the market.
“As ever if you are looking to buy or sell, pop into one of our branches or call us to see how we can get you moving.”