House Price Index - Northern Markets Motoring Ahead

The Rightmove House Price Index was released to the media this week giving a national picture of housing activity over the last month. Here are a few key facts we'd like to share with you:

  • The number of sales agreed at this time of year is the second highest for 10 years, only slightly lower than the high of May 2014. 
  • Spring price momentum stalls as the price of property coming onto the market drops by 0.4% (-£1,172), the first drop in June since 2009 at the height of the credit crunch, and the first drop this year. 
  • The annual rate of price increase has slowed to 1.8%, the lowest since April 2013.
  • Some markets struggling against headwinds, whilst others still have tailwind despite uncertainty.
  • Northern markets motoring ahead with an 11% increase in sales agreed year-on-year, compared to only a 3% increase in the South.
  • First-time buyer sector sees newly-listed prices surge 3.5% month-on-month and 5.5% year on year.

The Yorkshire & Humberside region showed a 1.7% monthly increase in average price from £180,672 in May 2017 to £183,679 in June 2017. And a 3% annual increase from £178,388 in June 2016.

Kevin Shaw, national sales director at estate agency Leaders, comments: “May was a bumper month in terms of sales, despite the general election. Since the 8th June, even with the continuing political uncertainty, it’s very much business as usual for the property market. Whilst some people may be adopting a wait and see approach, many more are wanting - or needing - to press on with their property transactions. We have, however, started to see a slight hardening of attitude from buyers so sellers need to have realistic expectations and be prepared to be flexible in negotiations.”

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