{"id":84311,"date":"2023-02-20T17:20:22","date_gmt":"2023-02-20T17:20:22","guid":{"rendered":"https:\/\/ukcontractormortgages.com\/?p=84311"},"modified":"2023-02-20T17:59:12","modified_gmt":"2023-02-20T17:59:12","slug":"average-asking-prices-for-uk-homes-rose-by-just-14-in-the-past-month","status":"publish","type":"post","link":"https:\/\/ukcontractormortgages.com\/average-asking-prices-for-uk-homes-rose-by-just-14-in-the-past-month\/","title":{"rendered":"Average asking prices for UK homes rose by just \u00a314 in the past month"},"content":{"rendered":"\n

UK property prices have risen at their lowest-ever rate for February, according to data from the property website Rightmove.<\/strong><\/p>\n\n\n\n

Average asking prices for residential homes rose just \u00a314 between January and February this year.<\/p>\n\n\n\n

But the picture was mixed across the country, with prices rising and falling in different regions.<\/p>\n\n\n\n

The average increase \u2013 effectively zero in percentage terms \u2013 is the smallest February rise ever recorded by Rightmove.<\/p>\n\n\n\n

Months immediately after Christmas typically see big seasonal price increases, with more people buying and selling homes.<\/p>\n\n\n\n

But average prices were still nearly 4% higher compared to a year earlier.<\/p>\n\n\n\n

Rightmove said the negligible rise between January and February suggested sellers were realistically pricing their homes in order to sell them in a market that has slowed sharply in recent months.<\/p>\n\n\n\n

House prices generally reflect the health of an economy.<\/p>\n\n\n\n

Get in touch with us today to speak with the UK\u2019s\u00a0Best Contractor Mortgage Broker<\/a><\/strong>.<\/em><\/p>\n\n\n\n

Rising prices help fuel economic growth, whereas falling prices can dent consumer confidence and dampen the economy.<\/p>\n\n\n\n

This month mortgage lender Nationwide Building Society reported the longest run of monthly falls in selling prices since the 2008 global financial crisis.<\/p>\n\n\n\n

Prices rose at different rates up and down the country, despite the average figure.<\/p>\n\n\n\n

The North East, North West, West Midlands, East Midlands and East of England all saw decreases of -0.1%, -0.3%, -0.1%, -2.3% and -0.1% respectively.<\/p>\n\n\n\n

Property prices in Scotland spiked by 7.5% over the month, followed by London (2.1%), Yorkshire and the Humber (1.9%), South West (1.6%) and South East (0.7%).<\/p>\n\n\n\n

Growth in Wales was flat at 0%.<\/p>\n\n\n\n

Tim Bannister, director of property science at Rightmove, said asking prices usually increase at this time of the year, which marks the beginning of the spring selling season.<\/p>\n\n\n\n

\u2018This month\u2019s flat average asking price indicates that many sellers are breaking with tradition and showing unseasonal initial pricing restraint,\u2019 he said.<\/p>\n\n\n\n

With asking prices remaining flat \u2013 rather than falling \u2013 Rightmove says this could be a positive sign that the housing market is not crashing as many analysts have predicted.<\/p>\n\n\n\n

Economists polled by the Reuters news agency in November believed prices would drop by 5% in 2023, though even bigger falls have been predicted.<\/p>\n\n\n\n

Still, there were some positive signs in the market.<\/p>\n\n\n\n

Get in touch with us today to speak with a specialist\u00a0Contractor Mortgage Advisor<\/a><\/strong>.<\/em><\/p>\n\n\n\n

Property demand was recovering after former prime minister Liz Truss\u2019s botched \u2018mini-budget\u2019 in September 2022 which sent mortgage rates soaring.<\/p>\n\n\n\n

Sales were up 11% in the first two weeks of February compared to the same period in 2019, Rightmove found.<\/p>\n\n\n\n

After Truss\u2019s mini-budget, which was widely criticised for recklessly cutting taxes, the number of sales in the housing market crashed by 30%.<\/p>\n\n\n\n

The Resolution Foundation calculates the mini-budget cost the nation \u00a330 billion.<\/p>\n\n\n\n

Property sales remain down 11% on pre-pandemic levels.<\/p>\n\n\n\n

By Josh Askew<\/p>\n\n\n\n

Source: Metro<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

UK property prices have risen at their lowest-ever rate for February, according to data from the property website Rightmove. Average asking prices for residential homes rose just \u00a314 between January and February this year. But the picture was mixed across the country, with prices rising and falling in different regions. 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