Rightmove have just published their House Price Index which gives an overview of house prices and recent activity in the property market.
In summary, the report states:
- Prices of property coming to market have hit a record high
- First-time buyer sector is driving growth, up 6.5% annually to new record of £194,881
The report shows that for the East Midlands we have seen a 4.3% increase in average house prices from last year:
“On the sales side, stock levels are at a historic low (as exemplified in the recent RICS house price survey for March 2017). This means that prices still seem to be going up, although the rate of inflation nationally does seem to be slowing.”
James Court, Sales Director at Readings
Looking at the rental market, Rightmove’s Rental Trends Tracker over the last quarter reports a 12% jump in number of available rental properties. It also reports that:
- Tenants are in a good place with more properties to choose from and;
- Annual asking rent growth of 1.8% is the lowest since Q4 2014
“I would say that the rental figures do seem to correlate with what we’re seeing here in the office. While the number of vacant properties are nowhere near historical highs, they’re definitely up on this time last year. That’s making rents harden, as there’s more choice for tenants”.
Will Ravenhill, Lettings Director at Readings
Locally prices are still buoyant, but be aware that both figures quoted on Rightmove are asking prices for sale or to rent, not sale prices. The fact they’re increasing so much as asking prices is because agents are probably fighting for listings, so are encouraging sellers to be more bullish with their asking prices. In either case, it’s important that sellers and landlords receive the correct local advice by contacting Readings in the first instance.