Rightmove published its March house price index today, which showed a 0.8% increase from February
Despite the increase in asking prices during March, the mass market is still in “hibernation” said the firm. Those selling terraced houses, in particular, are struggling to see any activity, which is concentrated at the top end of the market.
The March index showed the average house asking price was £231,790, compared with £230,030 in February. Year-on-year, the average asking price has fallen by -2.1%.
Commenting on the index Miles Shipside, Rightmove director,, said: “The falling time on the market and stable spring stock levels would normally point to a healthy housing market. However, this year’s celebrations will be severely muted by the knots the market has found itself tied up in. This month’s number of sellers, still handcuffed by a lack of equity, has managed to limp just ahead of the number of deposit-shackled buyers, but the market is still restrained by low transaction volumes and restricted liquidity.”
While the national figures are positive, it masks not only regional variations but differing performance within regions, depending on the social dempgraphic of the area. The report said: “If you are in an area with a preponderance of detached dwellings, then there is definite evidence of a more active market. Average asking prices for detached property coming to market have held up best, up by 3.1% year-on-year.”
There was a massive divergence in performance between London Boroughs, with Camden the best performing as its average asking price increased by 4% month-on-month. It was closely followed by Westminster, which was up 3.3%. With a more negative performance, Ealing and Bromley both saw falls of 5.1% on the month.