Rightmove confirmed UK house prices stayed steady in February
Exactly as we predicted in December, house prices have not fallen off a cliff, writes Clive Scrivener, Partner at Wimbledon based Chartered Surveyors Scrivener Tibbatts.
According to Rightmove prices were steady on the month at £362,452 – up by just £14 – having risen 0.9% in January. It marked the smallest ever increase from January to February and Rightmove said it could be a sign that more sellers “are heeding their agents’ advice to price right first time”.
On the year, house prices grew 3.9% in February following a 6.3% jump the month before.
Rightmove said the number of sales being agreed suggests a “softer landing” for the market than many expected.
Reported here, Tim Bannister Rightmove’s director of property science, said: “The big question this month was whether we would see new sellers increasing their asking prices as has been the yearly norm as we approach the spring selling season. This month’s flat average asking price indicates that many sellers are breaking with tradition and showing unseasonal initial pricing restraint.
“In addition to market conditions demanding greater realism on price, we are transitioning into a slower paced market, where buyers will take longer to find the right property at the right price due to the higher cost of servicing a mortgage. There are other indicators that this will be a softer rather than a hard transition despite the turbulence at the end of 2022.
“Homeowners who are coming to market in the upcoming spring season should use their agent’s expertise and get the price right the first time, which can really help to find the right buyer more quickly.”
Yes it’s winter, but residential property is not facing a perfect storm.
If you would like to discuss something related to a property valuation please contact Clive Scrivener direct via email at Clive@scrivenertibbatts.co.uk or call 020 8971 2983.
