Rightmove released a very interesting and uplifting infographic this week. Their figures revealed that the value of properties coming onto the UK market advanced 6.9% in the four weeks to February 8 compared to the previous year, scoring its strongest jump since November 2007. By comparison, January’s index by the property website pointed to a more modest increase of 6.3% in prices.
A typical seller now seeks £16,000 more for their property than this time last year, Rightmove director Miles Shipside commented.
The average asking price of residential property across England and Wales stands at £251,964 at present, or around £8,100 more than the previous month. Rightmove said that February was generally a strong month for asking prices and that the latest increase was the second-fastest for a February since the index was launched in September 2001.
The increase in values was reflected in all parts of the country, with each region seeing house prices go up in annual terms. The pickup in London was, unsurprisingly, the most dramatic, as prices added 11.2% in the 12 months to February to £541,313, while in the South-East values improved by 7.8%. Although considerably smaller, there was also an increase in North-East property values, where prices edged up 0.1% to bring the average cost to £142,372.
Rightmove said that February also saw a “welcome” jump in the number of properties coming onto the market, which are immediately snapped up by strong buyer demand. This gives a reason to believe that the number of properties sold in 2014 could exceed that in 2013. Price pressure could even ease off if the number of houses available for sale keeps increasing, as this will give buyers more options.
It seems that February has been a good month. Have you noticed a difference?