Reasons to be a bit more cheerful in the market

THE average price of property coming to the market rose by £14 this month to £362,452, according to the latest Rightmove index.

This is the smallest increase from January to February on record, though prices remain flat rather than falling.

Yorkshire house prices rose

1.5 per cent over the past month, bucking the national trend that saw prices in the neighbouring North West drop by 0.3 per cent and prices in the North East fall by 0.1 per cent.

The East Midlands saw the greatest asking price decline month on month with a 2.3 per cent fall and London had the highest gain of 2.1 per cent.

Rightmove say that transitions from a fast to a slower-paced market have historically had many different paths and whilst it’s early days, the combination of sellers being more realistic on price and an improving picture on the number of sales being agreed suggests a softer landing for the market than many expected.

Tim Bannister, Rightmove’s director of property science, says: “Though it is still very early in the year, this month’s key metrics suggest that many buyers are seeing reasons to get on with their moves, and have the confidence to return to a market which, so far, is stronger than many expected.

“The number of potential buyers contacting agents is up by 11 per cent in the last two weeks compared with the same period in 2019.

“This demand is beginning to translate into sales, as the number of sales agreed is now just 11 per cent down on the same period in 2019’s more normal market, picking up from 15 per cent down at the start of the year and vastly improved from 30 per cent down in the aftermath of September’s mini-Budget.

“This is a remarkable turnaround.”