April Property Market Update

This month there is good news to report from the property market even in the wake of a recent unexpected call for a June general election. April’s report from Rightmove has revealed the price of property coming to the market has hit a new record high. The number of sales agreed is at the highest level seen at this time of year since 2007. Pre election nerves in the market place? Not at all.

April’s property market update in stats:

SALES

  • The asking price of property coming on to the market in April has hit a record high, up 1.1% from March (+£3,547) to £313,655.
  • In England and Wales the annual price increase is 2.2%. In the North-West, there has been an increase of 3.5% leaving the current average price at £186,096.
  • The first-time buyer market has seen strong levels of activity and is currently the sector with the highest year on year transaction growth at 6.5%.
  • The number of sales agreed is at its highest level for this time of year since 2007.

RENTALS

  • Manchester is one of the top five growth areas in the country according to Rightmove, with the average asking rent per month for a two bed property 8.1% higher than at this point last year.
  • The annual asking rent has seen a steady growth of 1.8% in England and Wales. In the North-West the average asking rent is £633, an annual increase of 2.3%.
  • The number of available rental properties on Rightmove has increased by 12% compared to the same period last year.

I don’t quite know how it has happened but we are already a third of the way through 2017. As we end April and approach the first of two May bank holiday weekends, the latest property reports have been released.

According to Rightmove the price of property coming to market this month has achieved a new price record. The average property price in England and Wales has increased 1.1% from March, up £3,547 to £313,655. Year on year, the increase is twice that at 2.2%.

In the North-West, the average house price has also seen growth year on year and at a higher average than that seen across the country. The rise of 3.5% (+£7,023) has left the current average asking price at £186,096.

The number of sales agreed is the highest seen at this time of the year since before the credit crunch in 2007. Much of this is due to the strong levels of buyer activity seen in the first-time buyer sector. Year on year this sector has seen a surge in activity of 6.5%.

From the rentals market, there are some key quarterly figures worth noting. There has been a 12% jump in the number of available rental properties on Rightmove from this time last year. The surge of buy-to-let transactions a year ago has lead to a larger amount of choice for tenants and a slower rate of increase to rents.

The annual increase to the average national asking rent is less than half of what it was at this time last year. The records for the first quarter of 2017 show an average growth of 1.8%. In the first quarter of 2016, the year on year average rent growth across the country was 3.9%.

In the North-West, Manchester is one of the top five growth areas in the country. The average asking rent per month for a two bed property is currently £809. In Q1 of 2016 the average was £748, which is an increase of 8.1% year to year.

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