2017 House Price Index & Rental Trends – from Rightmove

Paul
17 January 2017
Estate Agents

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@johnm376.sg-host.com

 

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Clare Phillips
Clare Phillips, Partner
Clare has been in the industry since 1998. Her career started as an administrator and she has worked through each role in estate agency from negotiator, sales progressor, valuer, manager and culminating in opening Phillips George as a co-founding partner. Through Clare’s career she has obtained professional qualifications with both NAEA (national association of estate agents) and ARLA (association of residential letting agents) to ensure that she delivers a first class service to all of her clients. Clare’s favourite part of estate agency and lettings is helping customers achieve their goals and making the process as smooth as possible for them.