The average price of newly marketed property, at £235,741, is the second highest ever seen in the month of February, just £2,115 shy of the February record set in 2008.
Meanwhile, sellers in London are likely to have seen property costs plateau this month and will struggle to accelerate prices beyond the £6,000 increase, the lowest recorded in the month of February for four years.
Miles Shipside, director and housing market analyst at Rightmove said: “London buyers searching
for this month’s fresh to market stock will face the most expensive average asking prices ever seen in the capital. It will perhaps come as little comfort that this is the most conservative monthly increase recorded in the month of February since 2009.”
However, Rightmove research indicates that those most likely to buy and sell nationwide in 2013 are the ‘old hands’ with greater access to equity and finance, who have the confidence and the will to move.
Shipside continues: “There has been a sprightly start to 2013 and, while market activity remains patchy across locations and property type, some agents are reporting their busiest new year since the onset of the credit-crunch. While encouraging, it’s far too early to pop the champagne corks as certain sectors will remain on ice until the return of wider-spread mortgage availability. However, our research suggests that with age comes experience and, more importantly, equity, and it these old hands that seem most confident to plan a move this year.”
New sellers increased their asking prices by 2.8 per cent (+£6,312) this month, pushing the national average up to £235,741. Whilst it is usual to see asking prices increase between January and February, this is the highest average price recorded at this time of year since 2008. This illustrates the slow but steady recovery in prices, which has taken five years, though it must be noted that the national average can mask the divide in the market between those with access to equity and finance and those without.
Whilst all regions have recorded a rise this month, some of the more dramatic increases reported in the northern regions are effectively ‘rebounds’ from substantial falls measured on the low levels of new listings in November and December.
This year Rightmove has recorded its busiest ever month in January with those planning a move searching in record numbers and contacting agents, with more follow-up enquiries than ever before.
Shipside observes: “Pages viewed on the Rightmove website reached a new record high in January, up by over 20 per cent year-on-year and, importantly, resulted in more enquiries to agents and developers than ever before.
“While the journey between expressing interest and closing the deal has many more twists and turns than before the credit-crunch, it is a sign of increased confidence and helps build a momentum that has been sadly lacking in many local markets over the last five years.”
Further Rightmove research indicates that those with access to equity and finance will be the main ‘movers and shakers’ in 2013.
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