Cutting Through The Jargon - Rightmove's February HPI

The latest Rightmove House Price Index highlights the average price of properties coming to the market in the UK increased by 2.3%, or £7,785, during the last month, to hit a record of £348,804.

This is the biggest monthly jump ever recorded by Rightmove.

When broken down by region, Yorkshire and Derbyshire outperform the rest of the country, with annual prices up 12.6% and 13.3%, respectively.

What does this mean for sellers in our region?

Yorkshire has seen the most significant monthly price change, with property prices increasing by 6.2% since January. This continues to be driven by buyer demand outstripping supply, particularly from first-time buyers and the ‘second stepper’ sector.

Homeowners thinking of coming to market over the next few weeks should get great value for their homes if marketed correctly.

What does this mean for buyers?

The number of new sellers bringing their homes to market is up 11% on last year, so there is significantly more choice for buyers.

However, the market is still competitive, and the best way to secure your new home is to get yourself in the best buying position possible. Last year, 86% of Redbrik’s sales were agreed to proceedable buyers (those with nothing to sell or SSTC in a completed chain). If you have a property to sell, get it on the market and ready to sell. If you are a first-time buyer, have your finances ready so you can move quickly.

Mark Ross, co-founder and Managing Director of Redbrik, said: “Local homeowners are getting the value they deserve for their homes, which is often their most significant investment. The hopes we all had for 2022 are coming to life, we are moving forward, and I’m excited to see homeowners able to achieve the moves they’ve been waiting for.

There is significant equity in the housing market to cope with the small and expected interest rate increases, especially as only 50% of homeowners have a mortgage.

In addition, as the ‘Living with Covid’ plan starts to kick in and restrictions lift, it’s likely we’ll see more activity and a thriving market for both buyers and sellers as we move into spring.”

If you are looking to buy or sell this year, our dedicated team are here to help. Get in touch with your local Redbrik branch to receive free, expert advice on your next move.