View more on these topics

House prices “resilient” as FTBs feel the pressure: Rightmove

For-sale-sign-estate-agent-700.jpg

House prices were described as “resilient” in the latest Rightmove House Price Index, which showed asking prices fell 1.1 per cent in the month to November, less than the seasonal average drop of 1 per cent.

However, affordability for first-time buyers was further constrained as prices of one and two-bed homes, the typical property of choice for this demographic, grew by 8.2 per cent in the year to November.

Overall, house prices increased by 4.5 per cent in the past year. 

Head of lending at Mortgage Advice Bureau (MAB) Brian Murphy says the average national time to sell was 65 days, one day more than the previous month, which corresponds to the continuing lack of stock on estate agents books, with the national average being 59 properties listed per agent.

“As has been the picture for most of the year, it’s a seller’s market in most parts of the country, with year on year changes in asking prices also increasing to a national average of 4.5 per cent,” says Murphy.”

For home movers, an upwards change in asking prices is all relative, as although the price of their onward purchase may have gone up, the likelihood is that the asking price of their current property has also risen, which may mean that with increased equity in their property they may be able to put down more of a deposit on their next home, thus potentially enabling them to secure a more competitive mortgage rate on a lower LTV.

“But for first time buyers, that’s not the case and this group appear to have seen the highest rise in asking prices of 8.2 per cent on average year on year. “

Recommended

Home-House-Monopoly-Money-Property-700x450.jpg

Housing costs to be included in headline rate of inflation

The Office for National Statistics is to include housing costs in its headline measure of inflation from March next year. Following a consultation, the ONS has decided to switch its preferred measure of inflation from the consumer price index (CPI) to the consumer price index including owner occupier’s housing costs (CPIH) from March. The measure […]

Real-Estate-Agent-House-For-Sale-London-700.jpg

House hunters are returning to the market, says RICS

House hunters are returning to market after June’s Brexit vote but they face a lack of purchase options as the supply of available homes remains restricted, according to surveyors. The Royal Institution of Chartered Surveyors latest research found that demand has increased for the second consecutive month. Across the country, 10 per cent more respondents […]

Home-House-Monopoly-Money-Property-700x450.jpg

House prices relatively unchanged in Q3: Halifax

House prices rose a negligible amount in the quarter to October but were up more than 5 per cent on the same period last year, according to the latest Halifax House Price Index. The index found a quarter-by-quarter house price rise of 0.1 per cent in the three months to October and an annual increase […]

The death of retirement – a boost for protection?

According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]

Can you put a hat on?

By Sarah Scott, marketing consultant You might think the question in the title is a strange one. Perhaps even more so when you learn that it’s one of several asked as part of an assessment for Employment Support Allowance eligibility in the opening scenes of the 2016 film, ‘I, Daniel Blake’. Daniel is a carpenter […]

Newsletter

News and expert analysis straight to your inbox

Sign up