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Properties are selling faster than this time last year

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Published: 24/11/2016   Last Updated: 24/11/2016  
Tags: Properties Are Selling Faster Than This Time Last Year

News from Halifax Housing Market Confidence Tracker this week showed that although house prices have fallen slightly, property transactions will continue at the same rate, especially for first time homes where prices have risen by 1.7% in the past month.

However a clear majority of those people surveyed, 57% still think that property will have increased in value by this time next year, and Brexit seems to have very little impact on buying and selling in the UK, with only 15% of those people who were surveyed before the vote saying that they had delayed or changed their minds about selling or purchasing a property.

According to Rightmove properties newly launched properties on their portal have dipped by 1.1% in the past month, however this is less of a dip than the average 1.8% normally seen at this time of year.

Rightmove director and market analyst Miles Shipside stated: "This is the smallest drop in average November asking prices since we saw the same figure - down 1.1 per cent - in November 2011. Furthermore the average time to sell of 65 days is one day quicker than at this time last year"

The asking price of properties newly launched on the market has dipped by 1.1 per cent in the past month says Rightmove - but this is less than the average 1.8 per cent drop usually seen at this time of year.

Martin Ellis, Halifax housing economist stated: ‘Optimism in the housing market has taken a fall in recent months, with many people now expecting a general slowdown in the market and no, or little, change in house prices over the coming year.

‘This sentiment is consistent with recent findings from the Halifax house price index which show that prices are still growing, but to a lesser extent. Confidence with the wider economy has tracked down sharply since May 2015 but encouragingly, optimism has bounced back to where it was a year ago and is broadly neutral,’ he added.

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