February 20, 2023

Prices hold firm as buyers return – Rightmove | Fortnight ahead

Economic data

Housing market. House prices rose marginally (actually, by a mere £14 to £362,452) from January to February amid mounting evidence of a “better than expected market”, according to the latest Rightmove House Price Index. The Y/Y increase declined to +3.9%, from +6.3% in January. According to the UK’s largest property portal, prices normally move upwards at the start of the year, but the near freeze may be a sign that potential vendors are adopting a more conservative approach, but with little evidence of prices actually falling. The number of people contacting agents is up by 11% in the last two weeks compared with the same period in 2019’s more normal market. Meanwhile, the number of sales agreed continues to rebound, and is now just 11% down from 2019’s levels, recovering from 15% down at the start of the year, and 30% down in the aftermath of the mini-budget. Average rates for a 15% deposit five-year fixed mortgage are now 4.82%, down from October’s 5.90%. “Surprisingly”, according to Rightmove, prices in the first-time buyer sector are recovering better (+0.3% M/M) than the discretionary upper-end sector (-0.8%).

Feb 23 Average asking price trends20 Feb 23 - Fortnight ahead Building & Construction Daily
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NB Prices are as at the previous day’s close.

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