Economy

United Kingdom house prices edge higher amid rising demand

United Kingdom house prices edge higher amid rising demand

United Kingdom house prices increased only marginally in July as subdued wage growth weighed on affordability, property website Rightmove reported Monday.

He added that the market was being bolstered by solid fundamentals of low unemployment, low interest rates, strong demand and historic undersupply of homes, which reduced the effect of any wobbles in confidence; "as a result almost half the properties on the market, over 45%, have sold signs slapped across them". That's a rise from June, when prices fell 0.4 per cent month-on-month, and rose a modest 1.8 per cent on the year before.

Rightmove director Miles Shipside said the market remained very price sensitive with some properties hitting a price ceiling.

Rightmove said that the average asking price of a home listed for sale on its website - over 90% of United Kingdom estate agents list homes on the portal - increased by 0.1% month-on-month, taking the annual rise in prices to 2.8% compared with a 1.8% increase in June, with all regions seeing a year-on-year price rises.

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He concludes: "After all, Rightmove's data is based largely on listed stock and asking prices, and is just a mere toe dip into the United Kingdom property market pool, and it doesn't necessarily portray the overall temperature of the market, as a sale agreed doesn't guarantee it will be completed".

More than 45% of agents' property stock was sold during the period, the highest proportion recorded since Rightmove's house price survey began in 2010.

Meanwhile pressure will be increased further on homeowners after three of the Bank of England's eight policymakers voted to raise interest rates last week.

'Buyers, many of whom are sellers too, will struggle to afford to pay much more'.

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Unsurprisingly, London saw the biggest month-on-month increase in asking prices with a 1.1 per cent uplift.

"We can see now that price rises are muted despite high housing demand, indicating we have left the stage of the cycle where price rises exceed the rate of inflation".

Despite this, prices are still up by 3.8% or £11,037 up on this time previous year, however the Index shows that a North-South divide seems to have re-emerged.

"Prices are in the summer doldrums".

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Compared to the period around the referendum a year ago, more sellers have come to market and more buyers are buying, Rightmove found, with the number of sales agreed up by 4.6% in June 2017 compared to June 2016, and the number of sellers coming to market is also up 7.6% on the same period a year ago.


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