The housing market has got off to an active start in 2018 with the average asking price of properties coming to market rising by 0.8% (£2,414) to £300,001 in January.
Latest figures from the Rightmove House Price Index reveal demand for housing remains strong. It shows, while sellers appear to be displaying ‘cautious optimism’ when it comes to setting asking prices, potential buyers are out in force with the property search website seeing home hunter visits top 141 million last month.
Miles Shipside, Rightmove’s director and housing market analyst, said: “Whilst it is the norm for new sellers’ asking prices to be buoyant at the start of the New Year, this first complete month in 2018 is seeing more pricing optimism than the comparable period in 2017.”
Rightmove’s figures also revealed house prices went up annually by 1.5%. This increase occurred across the UK, with the exception of the South West, where property prices fell slightly by an average of £131.
Rightmove described this movement as ‘subdued’ but Jeremy Duncombe, director of Legal & General Mortgage Club was more positive. He said: “Year-on-year house prices are rising at a far more sustainable rate and couple this with the exemption of Stamp Duty on properties under £300,000 and Government schemes, it’s no surprise first-time-buyer levels are at an 11-year high.”
Meanwhile Steve Seal, director of sales and distribution at Bluestone Mortgages said now was a good time for those looking to take their first steps on the property ladder.
But both he and other industry experts warned more unconventional borrowers – such as business owners and contractors – were still not being treated equally when applying for mortgages.
“As an industry we need to take the time to understand these borrowers’ individual circumstances on a case-by-case basis and ensure they are getting the support they need and deserve,” he added.
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