Cutting Through the Jargon - July House Price Index

Market moves from ‘boil to simmer’
In this month's house price index, for the sixth consecutive month, Rightmove is reporting an all-time high with property prices up by an average of 0.4% on last month. This makes for an average asking price nationally of £369,968 and regionally at £243,632.

Following month-on-month rises, Rightmove has upped its house price forecasts for this year as property supply still does not match the unprecedented demand, pushing pricing up. The portal had previously predicted annual house price growth of 5% but has now revised this to 7% for 2022.

What this means for sellers

Buyer demand is still high, over 25% higher than the same period pre-pandemic, so sellers can be confident they will get a sale and at a good price. 

The average time to secure a sale is at its second lowest this year - sitting at just 32 days from Listing to Sale Agreed. 

Rightmove's findings suggest sellers will continue to achieve great prices for their properties as we move into the autumn. Though the second half of the year is traditionally associated with a slowing in price growth, the demand/supply imbalance should mean prices continue to be attractive for any sellers thinking of coming to market. 

The strength of the market in Yorkshire and the Humber continues unfailingly. The year-on-year price change for the region stands at 12.2%, the second highest in the UK, only beaten by the South West. 

What this means for buyers

The number of new properties coming to market is up 13% compared to 2021, so buyers should start to have more property to choose from and marginally less competition with other buyers. 

While the cost of living is squeezing affordability, buyers are now able to lock in longer mortgage terms, bringing certainty to their outgoings for the coming years. 

Redbrik Director, Mark Ross, commented: The biggest threat for buyers right now is the conveyancing process, which can take over 150 days due to a logjam of sales. The best way to overcome this is to be in a strong buying position - with either nothing to sell or your current property Sale Agreed, making for a more secure chain. It has never been more critical to get your sale through conveyancing as quickly and securely as possible. So ensure you have the proper support from recommended local agents and solicitors.”

Speak to Redbrik today to get moving on your property plans.