Rightmove’s latest house price index published today makes for interesting, some say surprising, reading in that it shows a 3.7% increase in house prices versus the same month a year ago.
Now, this increase is reflective of asking prices and not sale prices actually achieved and so we should hold our horses somewhat before galloping off to celebrate too hard. But, there is real gold in the data.
In particular, the portal’s stats show that the number of homes listed for sale since the property market re-opened in May has increased significantly on normal, 44% of all listings are now sold subject to contract whereas pre-Covid that figure was 34%.
Stock levels are up to near where they normally are and buyer enquiries to agents have shot up 75% since the beginning of this month – and no, this isn’t all because of the recently announced stamp duty holiday as this was only announced at the very tail end of the data period that Rightmove gathered.
Moving Home Advice has been quite optimistic about the medium to long term outlook for UK house prices.
It’s looking like we called it right.
Do you agree? Or do you think this is a blip, the calm before the storm before unemployment consumes the economy later this year?
We’re still bullish regardless and forecast that property values will not be lower in a year’s time compared to now.
