The property website Rightmove has just published its house price index for February 2013 and it says that there are signs of continued improvement in the health of the property market. According to Rightmove the average newly marketed property is now at £235,741 which is the second highest price ever seen in February. It is only a couple of thousand pounds less than the February 2008 price.
Apparently, new sellers increased their asking prices by 2.8% in February and Rightmove point to this as an illustration of the “slow but steady recovery in prices, which has taken five years”. Rightmove had its busiest ever month in January with lots of would be home movers searching for properties.
Landlord insurance clients will be particularly interested in what Rightmove have to say about typical buyers and sellers. They reckon that 71% of sellers are aged over 45 and 49% of those intending to buy will be doing so for at least the third time. People trying to buy for the first time represent something like 25% of all purchases. Rightmove point out that those buyers with substantial equity in existing houses are at an advantage because they can put down large deposits.
The difficulty of saving for a deposit must be one reason why so many people are renting for several years. The question for landlords is will the market continue like this or will things change? Can you see a time when young people turn their backs on renting because of affordable mortgage funding? We should love to hear your opinion and learn about the state of the market in your area of the country.
The Rightmove House Price Index is always a good place to look for a snapshot of activity in the residential market so check out their website for more details.
For more information on Property and landlord Insurance visit the click4quote site