Northern regions outperform: Rightmove

17-6-2019

The average asking price for newly-listed properties was almost unchanged in June compared to a year ago, but the market is showing more buoyancy in parts of the North, Midlands and Wales, according to the latest index from Rightmove.

June’s national average asking price of £309,348 was £91 lower than a year ago, but £1,058 higher than May’s average asking price of £308,290.

The average time to sell rose from 56 days a year ago to 63 days in June, while the average number of properties listed per agency branch was unchanged year on year at 52.

However, in some regions the data showed a more buoyant market with prices reaching new highs.

These were the East Midlands where asking prices were up 3.4 per cent annually to £230,462, the North West where they rose 2.2 per cent to £200,744, Wales where they increased by 4.2 per cent to £202,100 and Yorkshire and the Humber where they rose 0.9 per cent to £194,581.

In the northern regions sales agreed for the year so far are down by only 1.7 per cent compared to 7.1 per cent in the south.

London saw average asking prices drop by 2 per cent annually to £618,880 and the time to sell increase from 67 to 72 days.

Rightmove director Miles Shipside says: “More buoyant markets in the north and midlands are helping to nudge up prices due to the seemingly relentless strength of buyer demand.

“The national trend sees new seller supply down by an average of 5 per cent so far this year compared to the same time last year, indicating some hesitancy on the part of would-be sellers, especially notable in parts of the south.

“However, these better performing northerly regions are all beating that national average.”

North London estate agent and former Royal Institution of Chartered Surveyors residential chairman Jeremy Leaf says: “Of course these are just asking, not selling prices, but they still represent useful and interesting market trends showing how the market is very patchy and varies from street to street, not just region to region.

“Asking prices are often determined by buyer or estate agent optimism and expectation, not necessarily realism but the increase in sales agreed is particularly relevant as it also reflects nervousness among sellers and lack of choice for increasing numbers of buyers in many places.”

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