The UK house price growth is sort of on the sluggish side and isn’t doing as good as it was doing four years ago. First of all, the asking prices for properties in Britain’s housing market have taken a slow annual rate, and this annual rate is without a doubt the slowest in close to four years. What has caused this slower UK house price annual rate? The answer is clear. Buyers are wary of having to pay too much apparently. The annual growth price dropped from 3.2% in January to only 2.3%, which is said to be the lowest since April of 2013. These results come from a survey that was taken by Rightmove.
According to Rightmove, the average asking prices for homes in the UK, did only go up to 2% on a monthly basis. It is the very slowest of all rates of growth for the month of February for an eight-year period. Miles Shipside, who is the director for Rightmove, as well as a housing marketing analyst did state that sellers would be putting themselves at risk by putting too much of a high price on their properties. He did say that the prices for property was still 2.3% higher than it was a year ago.
However, there does seem to be some territory now in existence where buyers are unable or totally unwilling to pay the asking price that many sellers do want for their homes. What may very well be influencing these buyers in a negative way is clear and that deals with other issues. What are these other issues? These things are no other than the rise in the cost of living, coupled along with the lender criteria that has tightened up, also the dose of uncertainty that is a result of the Brexit situation.
What Rightmove did was closely analyze well over 100,000 homes that were newly listed for sale on the UK real estate market. What they did learn from this analysis was clear and it was this – the sellers for these newly listed homes were very likely to sell their property if they had an agent that could get them a correct price. The correct price was something that needed to be just right when it first came on the market. Will this improve in the future or will the housing market continue its gradual decline? A lot of questions remain in 2017.