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Tue 21 Aug 2018

Home movers act now


 

Our House Price Index was released to the media this morning and gives a national picture of house prices and activity over the past few weeks. For lettings, our quarterly Rental Trends Tracker released earlier this month gives an insight into what we've seen in the rental market over the last quarter. 

Here are some key facts to share with your team:

SALES

Home-movers need to act now to move by Christmas 

  • Average asking prices of newly-marketed property show the seasonal drop of 2.3% (-£7,218) this month, as new sellers launch a ‘late summer sale’ to try and find a buyer more quickly
  • Year-on-year sales agreed numbers (-0.8%) are holding steady with some upturn in prices and buyer activity expected in the Autumn, especially if buyers are tempted by sellers pricing cheaper
  • Home-movers who want to move in by the traditional Christmas deadline, now only 18 weeks away, need to act now to do so:
  • Average time from agreeing on a sale to moving in is 13 weeks1 so prospective buyers should be active in the market right now and make sure they have necessary finances in place
  • For new-to-the-market sellers, finding a buyer adds on an average of eight weeks so they will need to find a buyer quicker than the average if they want to move in before Christmas

LETTINGS

London leads asking rent annual rise for the first time since 2014

  • Asking rents in Greater London increased to an average of £2,000 per month in Q2 2018, making it the region with the highest annual rate for the first time since Q4 2014
  • The rebound is fuelled by a lack of new property choice for renters in London (down 3.5% on the same quarter last year) which has led to the time to find a tenant speeding up the most in the capital
  • Outside London asking rents rose 2.7% to £796 per month, though the annual rate fell back to 0.7%
  • Properties are being let out fastest in the South West taking an average of 29 days, and the slowest in North East, an average of 44 days