February Is Busy Month For Uk House Buyers

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February Is Busy Month For Uk House Buyers

Rightmove has reported that their websites have been getting an unusually high level of visits from potential buyers. The report also indicated that asking prices for houses are ever increasing in all regions in the UK except for one- all of which indicate that home buyers are indeed out in full force this time of the year.

The report provides overview of consumer behaviours as well as asking prices increased of transactional and historical data. It shows that there has been an increase of 0.8% last month as far as asking prices go, which takes it to £300,001 for this month from the “297,587 which was recorded for January.

It must also be noted that asking prices are not the only thing that experienced an increase last month.

The past two years have reflected record low levels in terms of properties that are available in various areas around the country. However, Rightmove has finally recorded some increase in the number of properties that are listed by estate agents as for sale.

It should be noted that the margin is small. After all, it is recorded at just a 2% rise a year. Still, it is a significant step and towards the right direction too. This has led to a muted optimism among the many players in the real estate industry. Of course, when translated to real terms, this is all but equals to an average of 40 properties for sale per agent.

The paucity of stock and the renewed activity on the buyers’ side of the fence has resulted in a number of properties selling at such an extraordinary rate in many areas for the last month. Rightmove has also noted an increase in the number of visitors to their website last month which totalled to more than 141 million.

Livingstone which is situated in West Lothian is at the top of the list of areas that have been selling properties really fast. It only takes just seventeen days for properties that are on sale to get an offer. This is closely followed by the Midlands where properties in Nuneaton, Rugby, Northamptonshire, and Corby only taking homes to sell within just a three-week period.

However, London still remains to be languishing. It takes properties 83 days on average to get an offer. It does not help too that the prices of properties in the British capital still seem to be on a downward spiral.

It is quite possible that the level of realism on the prices of the properties is what has made it possible for sellers to get offers within a reasonable period. It is normal for many new sellers to have buoyant asking prices at the beginning of the year. However, it does seem to be looking that the first month of 2018 is indicating more optimism of pricing compared to how things were back in 2017.

While economic and political uncertainty is out of the hands of the sellers, they do have control over the asking prices. If they are not setting a price that is way too high or is way too ambitious, then getting their properties sold faster would indeed be more than possible.

Keep up with the latest trends and news in property development by reading about Junaid Iqbal Memon online.

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