Confidence returning to UK housing market as asking prices jump: Rightmove

Confidence returning to UK housing market as asking prices jump: Rightmove

Blocks PLJ 22nd May 2023

Asking prices for British homes rose in May by more than in any other month this year as a better economic outlook and steadier mortgage rates offset the impact of the Bank of England's interest rates rises, property website Rightmove said.

Tim Bannister, director of property science at Rightmove, reported that the average price of homes coming to the market jumped by 1.8% from April, above the average rise for May of 1.0%.

He said "one reason for this increased confidence may be that the gloomy start-of-the-year predictions for the market are looking increasingly unlikely" 

Earlier this year, British house prices were forecast by sector analysts to fall by as much as 15% by mid-2024. But since then the economy has proved to be more resilient than expected and has so far avoided predictions of a recession.

Borrowing costs have eased from their peak after former prime minister Liz Truss's "mini-budget" in September but they remain higher than their level immediately before the turmoil in financial markets in the autumn.

Rightmove said mortgage rates had been stable on a week-to-week basis.

Amanda Brice, Sales and Lettings Director Malvern, is seeing a healthy market appearing in Malvern, with a good number of enquiries from buyers and sellers. 

"The number of people looking at properties in our Office window is currently high.

Potential buyers use their mobile phones to click on the QR code shown on each of our properties, and get the full details there and then, even when the Office is closed.

They can then revisit the full sales particulars on Rightmove and Zoopla when they get home."

To arrange for a free, no obligation, valuation on your property please call Amanda on 01684 575100 or James and Mel Wilson on 01684 26664 or click here to contact us.



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