Now that we are starting to settle into 2018, it is possible to start looking at the shape of the market for the New Year. There have been many negative or gloomy predictions for the property market in 2018 but there have been some positive signs across the country, leaving some experts to re-evaluate their predictions. There are still concerns about the longer-term behaviour of the property market but for now, things in 2018 seem slightly brighter than what we have been led to expect or believe.
Rightmove figures give cause for optimism
In the latest House Price Index from Rightmove, there is enough evidence to suggest that the number of people looking for homes is on the rise. This was the story across the country and here in the North West, some of the pertinent figures were:
- An average price, as of February 2018, of £187,770
- A monthly increase of 0.3%
- An annual increase of 2.6%
- The average time taken to sell property was 77 days
The average time taken to sell property, for the whole country, was 72 days, so the North West isn’t that much out of line when it comes to the national average. In the grand scheme of things, this is an acceptable time-frame for selling a home.
The headline grabbing figure was the fact that the Rightmove website welcomed more than 141 million visitors. It appears there is a desire to make the most of the New Year period and if people have made a New Year Resolution to find a new home, they have at least followed up with action.
More homes are being placed on to the market
Another aspect that saw an increase was the number of properties being placed on the market. With respect to year on year values, there was an increase of 2% on the 2017 figure. This may suggest that there is a greater level of confidence amongst property owners about selling their property, which can only be good for the market. One of the biggest issues in the UK property market is a lack of houses being supplied for sale. There is obviously a need for more homes to be provided to the market but an increase in property owners selling their home will not be a dreadful thing for the market.
Anything which suggests that positive things are happening in the property market is likely to be of benefit to people, and that is what we want to see at Spencer Harvey. If you would like to talk more about Stockport property options, you will find that we are the local experts you can rely on. You can give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html