The June 2017 Rightmove House Price Index has seen the highest number of sales agreed in May for nearly 10 years with the exception of May 2014, and are now showing a national uplift of 7%.
However, this month also shows the first house price fall of 2017, UK as the average price of property coming to the market has fallen to £316,109 (-£1,172, +0.4%). The typical first-time buyer sector with two-bed houses is the fastest growing sector and has seen newly-listed prices surge by 3.5% month-on-month and 5.5% year-on-year.
East Midlands housing market continues its strong growth
In stark contrast the East Midlands housing market continues its strong growth, as the annual change of average house asking prices is now the highest in the UK at 5.1%, significantly ahead of the East of England (+3.8%), the West Midlands (+3.7%) and the South West (+3.6%).
Average house asking prices in the East Midlands are now £208,127, +£10,037 year on year.
Chris Pick, Business Development Manager and Valuer at Alasdair Morrison & Partners comments:
“While the housing market remains undersupplied with quality properties, it will always favour the seller.
“We traditionally expect a slow-down in the market over the summer months but as the East Midlands is currently bucking the national trend, we expect to continue to be just as busy marketing and selling properties in Newark and Southwell as we have been all year.”
Chris finishes:
“The biggest threat to the East Midlands housing market is a lack of new property coming to the market. This has seen some buyers compromise on older listed stock.
“Viewings have slowed down slightly as there are fewer properties for sale, but locally prices have not dropped as demand is strong. We are finding people are just taking a little longer to make a final decision, so it’s taking a little longer to sell than we would normally expect.
“We are continuing to receive purchasing enquiries from strong, qualified buyers, and so would urge anyone thinking of selling their house to contact us to arrange a FREE market appraisal as soon as possible so we can arrange viewings with our buyers.”
