House prices for newly marketed properties have been at a ‘virtual standstill’ in July, according to the latest Rightmove index, up 0.1 per cent from June.
Despite the marginal growth, this is an improvement on the 0.4 per cent fall in prices between May and June this year and the 0.9 per cent drop in the same month last year.
The average house price in England and Wales is £316,421 in July, up from £316,109 in June.
The number of sales agreed was up by 4.6 per cent in June 2017 compared to June 2016, and the number of sellers coming to market was up 7.6 per cent on the same period a year ago.
Rightmove director Miles Shipside says: “Prices are in the summer doldrums. Sellers coming to market at this time of year have to price more keenly as the traditionally bubblier spring selling season is over and prospective buyers are distracted by their own summer holiday plans. A year on from the shock referendum result and subsequent dent in activity levels, the fundamentals remain strong. Low unemployment, low interest rates, strong demand and historic undersupply of homes are mitigating any wobbles in confidence and as a result nearly half the properties on the market, over 45 per cent, have sold signs slapped across them.”
Mortgage Advice Bureau head of lending Brian Murphy says: “Overall, today’s Rightmove report would suggest that even though we’re moving into high summer which is traditionally a slower time for property sales, the market would appear to be ticking over very nicely with no apparent immediate cause for concern or negative sentiment, which it’s probably reasonable to suggest might lead to a consistent picture for the foreseeable future.”