‘Northern’ market continues to prosper
Rightmove listing figures reveal that the average new asking price of properties is up 0.4% annually to £298,734, the lowest monthly rise for this time of year since January 2012.
It does however reverse a trend of two consecutive months of falls in annual price growth.
The latest figures represent properties on sale from December 9 to January 12, so aren’t necessarily reflective of the actual start of the year.
However, separate Rightmove data on the first two weeks of January from the portal shows that the number of properties coming to market is down 2.1% compared with the same time a year ago.
While the overall average drop means that the supply of new property is broadly in line with last January, in some regions there are significant falls.
There was an 11% drop in Wales and a 10% drop in listings in London, largely offset by rises elsewhere , Rightmove said.
The full listings growth data from Rightmove (below) shows the biggest drops, while there was a 3.3% increase in properties coming to market in the east midlands.
North East -4.30%
South East -2.80%
South West -2.40%
West Midlands -1.30%
North West 0.50%
East of England 2.10%
Yorkshire and The Humber 2.50%
East Midlands 3.30%
Despite the supply trends, traffic to the site was up 5% to more than 4.5m visits each day.
Looking back at last month, Rightmove’s data shows that average time to sell has hit 70 days, up from 65 in November and from 67 in December 2017.
Average stock per agent in December was 46, down from 50 in November but up from 43 in the same month in 2017.
Miles Shipside, director and housing market analyst for Rightmove, said: “As we move from the old year into the new, the headline summary is that the Christmas slowdown came early and the hangover lasted a few days longer into the New Year than usual.
“Agents report that activity is now picking up, though when you dig underneath the national averages, the first snapshot of 2019 shows a somewhat patchy and variable picture depending on where you are in the country.”