By Kate Foster, Consultant and Head of Sales
Although we’re not Estate Agents we are directly affected by how the housing market is performing and so are constantly looking at every bit of property related news to keep us informed. We thought we’d share the latest news from Rightmove who has just published its monthly House Price Index. It’s always really interesting to look at it if you want to get an idea of house prices in your area.
Each month they look at how many people are looking to move, how many homes there are for sale, and also track the average asking price of a property in each area of Great Britain.
This month the average national asking price dropped for just the second time this year (down 1.1%, to £366,999). The slight drop is in line with the trend usually seen at this time of year, and is in line with the five years before the pandemic. According to Rightmove, one of the reasons house prices drop around now is because sellers will price more competitively at this time of year, to increase their chances of finding a buyer before the New Year. But even with this dip in prices, the average house price is still 7% higher than this time in 2021. The main reason for the strong house price growth we’ve seen over the last two years is because demand for homes far outweighed the number of homes for sale. As buyers were faced with less choice and chased too few properties for sale, prices were pushed to an all-time high.
The good news for potential buyers is that Rightmove are reporting more properties listed for sale and the number of new properties on the market was up 13% this month (Nov 22), compared to the same period a year ago. And the stamp duty savings put in place in September are set to stay until March 2025, as announced in the Chancellor’s Autumn Statement.
So, how do average prices vary according to where you live, or where you might be thinking of moving to? Rightmove has taken a look at the different regions across Great Britain, as well as some homes currently for sale in each area.
- North East
Average asking price Nov 22: £179,504
% change since last month: -1.6%
When it comes to average asking prices, the North East is the most affordable region in England. And even though there’s been a drop in the region this month, the average price of a home is still 9.1% higher than during the same period in 2021.
- Scotland
Average asking price Nov 22: £182,388
% change since last month: -2.2%
Homes are selling the fastest in Scotland. It currently takes an average of 25 days for new sellers to find a buyer.
- Yorkshire & the Humber
Average asking price Nov 22: £241,858
% change since last month: -0.7%
Yorkshire & the Humber has seen the biggest annual increase in asking prices. And even with this month’s price drop, the cost of a home is 10.3% higher than the same period last year.
- North West
Average asking price Nov 22: £248,790
% change since last month: -1.1%
The average asking price of a home in the North West region of England is well below the national average, at £248,790.
- Wales
Average asking price Nov 22: £253,832
% change since last month: -3%
The average asking price of a home in Wales is £253,832, and on average, it takes sellers 43 days to find a buyer.
- West Midlands
Average asking price Nov 22: £284,908
% change since last month: -1.4%
In England, homes are selling the fastest in the West Midlands region at the moment, where it’s taking an average of 36 days to find a buyer. Asking prices have risen 9.6% annually, but are still well below the national average.
- East Midlands
Average asking price Nov 22: £285,164
% change since last month: -0.6%
The average asking price of a home in the East Midlands is just over £285,000, which is almost identical to its West Midlands neighbour.
- East of England
Average asking price Nov 22: £424,884
% change since last month: -0.1%
The East of England region has seen the smallest monthly drop in asking prices this month, at just 0.1%.
- South West
Average asking price Nov 22: £386,357
% change since last month: -1.8%
The average asking price of a home in the South West is closest in line with the national average, at £386,357. It takes an average of 37 days for sellers to find a buyer for their home.
- South East
Average asking price Nov 22: £485,847
% change since last month: -1.8%
The South East is the second most expensive region in England, behind London. Asking prices are up 6.6% when compared to the same period in 2021, and it takes an average of 41 days to find a buyer.
- London
Average asking price Nov 22: £682,422
% change since last month: -1.9%
The average asking price of a home in London is £682,422, which is still more than 5% higher than a year ago, despite a monthly price fall.
We are currently inundated with projects for vendors all keen to make their mark on the market when they launch in the next few weeks. Rightmove reports every year on the huge amount of traffic to their website over the Christmas and New Year period and we feel Christmas 2022 will be similar.
Please contact Kate Foster on 01332 987740 / 07415 622 788 or [email protected]
