Cutting through the jargon - February’s House Price Index shows pricing is everything

This week Rightmove released February’s House Price Index, with a positive, if intricate, picture of the UK housing market.

The national average asking price remained virtually constant, rising by just £14, suggesting that housing market prices have stabilised. Locally, Yorkshire & the Humber was one of the few UK regions which did see a price increase, up 1.9% on last month and 5.0% year on year.

Analysts believe these figures, particularly in our region, suggest both buyers and sellers are responding well to the advice that properties need to be priced expertly and precisely, when they first come to market, if they are to sell successfully. 

Despite the gloomy forecasts at the end of 2022, many homemovers are returning, with the number of agent enquiries up 11% in the last two weeks of February compared to 2019’s ‘normal’ market baseline. This market activity is translating into sales too, as sales agreed is up 4% on the start of the year.

Splitting the market by buyer group, it is in fact first-time buyers showing the most confidence and motivation to move, compared to the upper-end of the market. The figures suggest increasing rental prices, a continuing desire for home ownership and dropping mortgage rates are making for an active first-time buyer market. 

What does this mean for sellers?

The findings show there is a motivated buyer audience for anyone looking to sell, especially those selling a ‘first-step’ home, but that pricing is everything. Particularly with Yorkshire and the Humber continuing to see price increases, sellers can be confident the coming months will be a good time to sell, with the right agent by their side.

Mark Ross, Redbrik’s managing director, explains “I have never seen a market more receptive to an appropriate and accurate pricing strategy. Many sellers are achieving great values for their homes if priced and marketed well. Buyers are taking more time to consider their purchases, and can afford to, so sellers need to ensure they are making their property as appealing as possible through a number of methods and means”

What does this mean for buyers?

The market is offering a reasonable amount of choice for buyers at the moment, although there is still a supply/demand gap. The total number of properties available is down by 

24% compared with 2019, but the market is considerably calmer than the previous two years, making it a great time to make a secure and considered purchase. 

If you are motivated to move, get in touch with your local agent to get yourself in the best possible position to buy, so that when your perfect home does come up, you are best placed to proceed with the purchase.

If you have a move to make, contact your local Redbrik office for bespoke, expert advice.