Quote Ref: WS1

Mixed messages in the property market as prices increase but sales go down

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Rightmove highlighted mixed signals in their latest property market report published in the Guardian newspaper earlier this week.

Having “a busy start” to 2018 (they have had more than 4m visits a day to their site - up nearly a tenth on last year) the data reveals that house prices on average had increased by £2,000 in January over those reported in December 2017 with the average property price up 0.7% to £297,587.

However, the company suggested sellers should not get too optimistic about their asking prices - they also report that average property sale times have jumped by nearly two weeks from 55 days to the higher average of 67 days to when comparing current sale times against those back in the summer.

Rightmove, which itself tracks around 90% of the property sale market, said that while asking prices are increasing, those looking or needing a quicker sale should be more realistic in their asking prices and possibly reduce them.

They also report that property sales are down 5.5% against the same period last year.

In other statistics out from the two biggest mortgage lenders, the Nationwide and Halifax, both suggest the housing prices will remain pretty static in 2018, with Nationwide suggesting only a 1% increase while the Halifax says this could go as high as 3%

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