Rightmove - "Price growth slows as stamp duty deadline looms, but activity remains robust"
The average asking price of resale homes coming to market rises by 0.5% (+£1,805) this month to £367,994, a muted price rise for this time of year as new sellers lower their price expectations. This is due to the looming stamp duty deadline and high seller competition, with the number of available homes for sale at a 10-year high.
Headlines from today's latest Rightmove House Price Index
Property prices rose by 0.5% (+£1,805) this month to £367,994, a modest increase as sellers lower expectations ahead of the stamp duty deadline and intense competition.
The number of homes for sale is at a 10-year high, easing the usual New Year price surge. The stamp duty deadline is expected to create regional disparities and delays, with over 550,000 sold properties still awaiting legal completion—25% more than last year.
First-time buyers purchasing between £500,001 and £625,000 face the biggest risk, potentially losing £11,250 if they miss the March 31st deadline. A conveyancing backlog is expected as many rush to complete.
Market activity remains strong, with new listings up 13%, buyer demand up 8%, and sales agreed rising 15% year-on-year. Slower price growth is supporting transactions, with no major slowdown expected post-April.
January saw a record 49% rise in Mortgage in Principle applications on Rightmove compared to last year. Economic factors continue to influence sentiment, with focus shifting to inflation and earnings, while mortgage rates, though still high, are trending downward.
To read the new Rightmove House Price Index please click this link and take me to the New Rightmove House Price Index
Source - Rightmove