Property industry reactions to Rightmove’s new House Price Index
Like many of my fellow chartered surveyors I’m always interested to learn what the average price of property coming to the market for sale is, writes Zah Azeem, Partner at Wimbledon-based chartered surveyors Scrivener Tibbatts. According to Rightmove this most recently increased by 1.1%, or £3,876, to £371,870, which is in line with the long-term March average increase, fresh data released by Rightmove this morning shows.
The 575,000 homes going through the legal completion process represents a large proportion of Rightmove’s prediction of 1.15 million final transactions for the whole of 2025. Those movers who are based in England will likely be trying to beat March’s stamp duty deadline as it draws closer.
According to Property Industry Eye the sector faces a ‘massive log-jam’ ahead of the forthcoming Stamp Duty deadline. They report Tom Bill, head of UK residential research at Knight Frank, saying: “Buyers have started the year in circumspect mood, despite the prospect of a stamp duty increase in April. Most mortgage rates have remained stubbornly on the wrong side of 4% due to volatility on global markets, which means equity-rich, needs-driven buyers have been more active by comparison. We expect low single-digit house price growth this year, but this month’s spring statement and the future rate of UK inflation will be key factors in setting the trajectory of the housing market in 2025.”
Nathan Emerson, CEO of Propertymark, said:“It is positive to see the housing market demonstrating ongoing resilience, especially as we continue to see wider economic uncertainty. As we approach the summer months, we hope to see a sustained momentum in overall growth; however, a lot will likely depend on if we see inflation fluctuate over the coming months and to the point at which the Bank of England may choose to use invasive action regarding base rates to keep inflation in check.
“With the Spring Statement fast approaching, Propertymark looks forward to hearing how governments throughout the UK intend to make housing more affordable.”
Chris Rosindale, chief operating officer at Connells Group, added:“The market is performing well, and the number of property exchanges we’re seeing is ahead of last year. Despite the upcoming changes to Stamp Duty, we haven’t seen any slowdown in buyers’ appetites to purchase a home, even now knowing that they won’t meet the deadline of 31st March.
“The beginning of this year has seen overall growth in the sales market, with more sellers bringing their homes to market. Some stability in interest rates and modest house price growth have certainly helped to increase confidence from both buyers and sellers, and overall attitudes towards moving home are positive. Pricing is still key and setting realistic asking prices is vital to achieving the best sale.”
If you would like to discuss any valuation related issues, Zah Azeem can be contacted via email at zah@scrivenertibbatts.co.uk or by calling 020 8947 7040.
