Rightmove the property website has published its house price index for July 2013 and one of the most striking points is an increase from 2% to 4% in its forecast for average national asking prices in 2013. At the beginning of the year Rightmove suggested a more positive outlook for 2013 and came up with a forecast of a 2% rise but they now reckon that by the end of 2013 the average asking price of property coming to the market in England and Wales will be 4% up on the start of the year.
Rightmove repoprt an increase in enquiries from prospective buyers and from potential new sellers and an increase in asking prices. July is the seventh consecutive month to see a rise in the price of residential property coming on to the market. All regions of the country showed a year on year increase for the first time since September 2010.
The public seem much more confident than they were a year ago that house prices are on the way up. The latest Rightmove Consumer Confidence Survey showed that 62% expect property prices to be higher a year from now, double the figure of 31% that Rightmove reported a year ago. This survey has already received 25,000 responses from home-movers.
Rightmove believe that the housing “pipeline” is showing more activity with new sellers up 5% in July compared with the same month last year. Apparently, Bank of England figures for mortgage approvals for the year to date are up 6% compared to 2012. Rightmove even report that mortgage surveyors are “struggling to cope”!
Miles Shipside, Rightmove’s director and housing market analyst comments:
“ Confidence and the ability to take on a long-term mortgage commitment give more buyers the spur to enter the market or trade up. The route from property enquiry to trading onto or up the property ladder has been cleared of some obstacles, resulting in a partial unblocking of pent up demand”.
What do our landlord insurance clients think of the let property market? Are rents and prices on the up in your area?
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