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Mon 17 Jul 2017

Property wanted for waiting applicants


Rightmove House Price Index was released to the media this morning and gives a national picture of house prices and activity over the past few weeks. For lettings, an insight into what we've seen in the rental market over the last quarter.

Plethora of sold boards restricts choice as buyer demand remains strong 
  • Newly-marketed property prices at virtual standstill, up by 0.1% (+£312) as we enter quieter holiday season
  • Fundamentals remain good mid-year with robust demand, low interest rates and low unemployment:
  • Sales agreed numbers remain strong year-to-date in 2017, almost identical to 2016 
  • Prospective buyers in many parts of the country are seeing the highest proportion of properties marked as sold than at any time in the last seven years 
  • Even with 7.6% more sellers coming to market this month compared to this time last year, buyer choice is restricted as supply fails to keep pace with strong sales and buyer demand 
  • Stretched buyer affordability acting as a price brake with national average at a modest +2.8%, with buyers very price sensitive and some properties hitting their price ceiling 

Asking rents hold up despite 7% uplift in available supply 

  • Asking rents outside London rose 2.8% in the second quarter of 2017, in line with the 2.7% average seen over the past five years at this time of year 
  • More choice for tenants:
  • Number of available properties on the rental market outside London 7% higher than this time last year, and up 8% in London 
  • Rightmove reveals the areas around the UK that currently offer the best choice for renters, with Ascot leading the way in the south, and Salford in the north
  • Properties are taking 11% longer outside London and 15% longer in London to let out than in Q2 2016

CPA 17.7.17