October property Market Update
As we move into the winter period, Rightmove’s latest figures show that the average asking price of a property coming to the market remains steady with an increase of 1.1% from last month.
Year on year this marks an increase of 1.4% from October 2016, with the average asking price in England and Wales now at £313,435.
In rental news, the North-West saw the largest growth in the country in the third quarter of the year with an increase of 1.3%, making the average rental price £660 per calendar month. Year on year the region has seen a rise of 2.3% to average rental prices, outstripping the national average of 1.2%.
According to Rightmove, the Greater Manchester areas of Cheadle, Bury and Oldham are currently three of the top five most in demand areas in the country outside Greater London.
October in stats:
- Average house prices remain steady with an increase of 1.1% from September to October. The average national asking price now stands at £313,435.
- The average house price of a newly marketed property in the North West increased by 0.3% from September up to £186,848.
- In the North of England, although the number of sales agreed has fallen by 3% from September 2016; the average house prices have increased by 3%.
- Year to date, the number of sales agreed nationally are 1.1% ahead of the same point in 2016.
- With a rise of 1.3% up to £660pcm, the North-West saw the largest average rental price growth in England in the third quarter of 2017.
- The North-West has seen an annual increase of 2.3% to average asking rents. This is nearly twice the national average of 1.2%.
- After a rise of 2.8% in the second quarter, the average rental asking prices outside London have remained steady this quarter with a slight fall of 0.2%.
- Greater Manchester currently has three of the top five most in demand areas in the country outside Greater London in Cheadle, Bury and Oldham.
HOUSE PRICES REMAIN STEADY
As the end of 2017 nears, Rightmove’s most recent report tells us that average house prices remain steady not only year to date but also year on year. Prices increased by 1.1% from September to October and are currently 1.4% higher than October 2016.
This brings the average asking price of a home in England and Wales to £313,435. In the North-West, the average asking price is currently £186,848, a 0.3% increase from the previous month and a 3% growth from October 2016.
Something the latest figures have made clear is the widening divide in the number of sales agreed between the north and the south. As more sellers are chasing fewer buyers, sales in the south are down 7.8% from last month. In comparison, the north has only 3% fewer transactions than September.
NORTH-WEST RENTAL PRICE GROWTH
With buying still not a possibility for many, the rental market continues to grow. In the last quarter, the North-West saw the largest average rental price growth in England with an increase of 1.3%. The average rental price for a property in the North-West is now £660pcm.
With three of Rightmove’s current top five most in demand rental areas in the country in Greater Manchester, it is no surprise that over the last year rental prices in the North-West have increased at twice the national average. Since October 2016, the average rental asking price in the North-West has increased by 2.3%. Across the country, average rental prices have only gone up by 1.2%.
Danny Perrin, our Sales Negotiator and Progressor commented, “We are finding that both the residential and investment markets are booming. Vendors are testing the market and buyers are paying asking prices and above in certain areas. Over the last few weeks, we have seen new listings resulting in viewings and agreed sales within a matter of weeks and not months.”
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