Mon 18 Feb 2019 View all news articles

New asking prices continue to tiptoe up as Rightmove claims affordability has improved for buyers

New asking prices rose 0.7% this month – equivalent to an extra £1,981 on the average price tag.

The jump, consistent with the average 0.6% February uplift in the last two years, brings new asking price inflation to 0.2%.

With annual wage growth of 3.4% outstripping rises in asking prices, Rightmove concludes that affordability has improved for buyers – and at the fastest rate for eight years.

In three southern areas, new asking prices are cheaper than a year ago, but in all the northerly regions, asking prices are up.

In six out of the seven northern and midlands regions, new asking prices are up over 2% on this time a year ago.

Rightmove also this morning reported on signs of buyer hesitancy, with the number of sales agreed last month down 4% year on year.

Excluding inner London, the average new asking price is now £300,715, up from January’s figure of £298,734.

Across greater London, average new asking prices are £614,182, up 3.4% on the month but down 2.1% measured year on year. That compares with the north-east, where the average new asking price is £151,303, a monthly change of 3.3% and up annually by 3.4%.

Source: Property Industry Eye

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