2017 House Price Index & Rental Trends – from Rightmove

For more in-depth insights and information specific to your area go to: http://www.rightmove.co.uk/news/house-price-index/

Sales

Opportunity for first-time buyers

  • 2017 has started steady with 0.4% (+£1,086) rise in the price of property coming to market, similar to the 0.5% rise recorded in January 2016
  • Encouraging early signs of home-mover activity, with visits to Rightmove since Boxing Day up by 5% even when compared to last year’s buy-to-let surge
  • There is a window of opportunity for first-time buyers this new year with more choice and negotiating power.
  • Available stock for sale of two beds or fewer currently up 1.9% versus previous year
  • There are fewer buy-to-let investors to compete against and sellers are more open to lower offers as sales agreed in this sector down 13.2% in December 2016 compared to previous year
Month Avg. asking price Monthly change Annual change Index
January 2017£300,245+0.4%+3.2%247.2
December 2016£299,159-2.1%+3.4%246.3
National average asking prices by market sector (excluding Inner London)
Sector January 2017 December 2016 Monthly change Annual change
First-time buyers £188,612£183,900+2.6%+6.4%
Second-steppers £255,387£254,388+0.4%+4.5%
Top of the ladder £520,840£521,993-0.2%+0.4%

 

Lettings

Rents to rise 4% outside London

  • All regions except London recorded a rise in asking rents in 2016 with prices up annually by 3.0%, just slightly lower than 2015’s rise of 3.7%. The highest growth recorded in the northern regions of Yorkshire and the Humber and the North West.
  • London recorded an annual price fall of 4.4%, which was most marked in Inner London
  • In 2017 Rightmove forecasts asking rent rises of 4% outside London, driven by less availability of rental stock resulting in upwards price pressure for tenants

 

East Midlands Trends

Month Avg. price
Quarter 4 (Oct-Dec 2016)£605 pcm
Quarter 3 (July–Sep 2016)£610 pcm
Quarterly Change-0.7%
Avg. price£592 pcm
Annual change+2.3%

 

If you would like more information about selling or renting your property, call Phillips George for a no obligation valuation 0116 216 8178, info@phillipsgeorge.co.uk