Number of Sales Surge in ‘Spring Selling Season’

Story posted: 27.04.17

Rightmove have said, “asking prices across the country were up 1.1% in April, below the 1.6% average, but the number of agreed sales at this time of year was the highest since 2007. The annual growth was 2.2% - the lowest level in four years.”

However, the number of sales are up, in fact, 10% higher than April last year. This is “artificially higher due to the surge of landlords purchasing buy-to-let properties before the stamp duty hike of last April, which resulted in a slump for the rest of the month.”

The average price of a home in the UK has also reached a new high standing at £313,655, surpassing the record set in June 2016.

Miles Shipside, Director of Rightmove said, “It remains to be seen what effect the run-up to the snap election will have, though any slowdown in activity will be counter-balanced by the market’s current fast pace. Indeed, in locations where choice of suitable property is limited hesitation could mean losing out to others who still decide to act.”

There has been a general slowdown in demand across the country, which is calculated by looking at the balance between the supply and demand for housing stock in a given area.

The highest levels of demand for properties in the country based on the first quarter of 2017 was Rugby, Portsmouth and Bristol.

Lowest levels of demand were seen in the most expensive areas of the capital such as, City of Westminster, Kensington and Chelsea, where average prices have been falling as a result of higher levels of stamp duty. 


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