Business

Property prices rise across the UK in January

The price of property coming to market jumped by just over £2,000 on average in January, according to a new report from website Rightmove
The price of property coming to market jumped by just over £2,000 on average in January, according to a new report from website Rightmove The price of property coming to market jumped by just over £2,000 on average in January, according to a new report from website Rightmove

THE price of property coming to market jumped by just over £2,000 on average in January, according to a new report.

Asking prices were up by £2,067 or 0.7 per cent month-on-month, according to website Rightmove, showing a similar increase to a 0.6 per cent rise a year earlier.

The latest increase took the average price tag on a home to £297,587, according to the index.

Rightmove said early indicators suggest housing market demand remains robust in 2018, with visits to its website running at over 9 per cent higher than a year earlier.

It said sellers should note, however, that buyers are still price-sensitive and "choosy".

While potential buyers are still busy looking, they want good value and the right property, Rightmove said.

Miles Shipside, Rightmove director, said: "To keep this year's initial buyer momentum with you rather than against, serious sellers should note that all regions are currently selling at a slower rate than a year ago, indicating choosier buyers.

"The total number of sales agreed was 5.5% down in the last quarter of 2017 compared with the same period in 2016. Setting tempting asking prices and then quickly reducing them if there is little initial interest will be key to turning this promising level of buyer activity into actual sales."

The index, which previously covered England and Wales but now also includes Scotland, shows that London is the only area where asking prices are down on a year ago, with a 3.5 per cent fall taking the average asking price to £600,926.

The north west of England saw the biggest month-on-month jump in asking prices, with a 2.4 per cent uplift taking the average asking price to £187,134.

The biggest monthly fall in asking prices in January was in Scotland, with a 4.4 per cent fall taking prices to £139,156. In Wales, asking prices were down by 0.2 per cent month-on-month, reaching £180,472 on average.