February Property Market Update
It is hard to believe that we are already coming to the end of another month in 2017. Where does the time go? With one week left to go in February, it is time once again to delve into the stats. Here we give an overview of what is happening in the property market.
In January it was reported as business as usual, with the average price of new homes coming on to the market rising by 0.4%, fitting right in with the annual trend. Have February’s stats proceeded in the same vein, continuing to contradict the many expert predictions of a dip in the market?
February in figures:
- The asking price of property coming on to the market has increased by 2% (+5,986).
- This is a more modest price rise than the average increase of 5% that has been seen in the month of February over the last seven years.
- All ten regions in England and Wales have recorded price increases, including the North-West with a monthly increase of 2.1%.
- Rightmove’s latest figures report the busiest ever month in the site’s history, with 127 million visits. This is up 20% on January 2015 and smashes the previous record of 118 million.
- The Council of Mortgage Lenders (CML) reported this month that £53.2 billion was lent to first-time buyers in 2016, the highest ever level of first-time buyer borrowing by the CML.
The average asking price of new properties coming on to Rightmove saw a modest price growth of 2% (+5,986) this month. Across all nine regions in England the average asking prices increased, although the price growth was below the average of 5% that has been seen over the last seven years.
In the North-West, an overall increase of 2.1% has seen the average asking price of property now valued at £180,984. This is up from £177,194 last month and 3.8% higher than the £174,430 registered in February 2016.
Although price growth may be unremarkable compared to previous February figures, it is still yet another increase this month. Two reports released by Rightmove and the Council of Mortgage Lenders respectively in February have proven that the demand to buy homes is also on the increase.
Rightmove reported that their website had a record breaking month with 127 million visits. This is not only 20% higher than January in 2015, but also the most ever recorded by the site and easily surpassed the previous highest figure of 118 million.
It was reported this month by the Council of Mortgage Lenders (CML) that 2016 saw £53.2 billion of lending to first-time buyers. The figure represents the highest level of borrowing to first-time buyers since CML records began.
Steven Curley, homes4u’s South Manchester branch manager commented, “What these figures tell us is that there is still a very clear demand from potential buyers within the property market. However, the smaller growth we have witnessed this month highlights the greater need for correctly valued properties and area specialists. With buyer affordability increasingly stretched, if a property is over valued by even a few percent it could be detrimental to any interest and deter any potential offers.”
At homes4u we have over twenty five years of experience in the Greater Manchester property market and our team are certified with industry recognised qualifications. If you are thinking of selling your home and want to arrange a no obligation appraisal, complete our online form or give us a call. If you are looking for your next rental property or want to invest in property and want a chat about current market conditions come and see us at one of our four branches in Greater Manchester.