In their newest report, Rightmove has found the average asking price is £2,000 higher in January compared to December.
According to the property website, 2018 has seen a “busy start” to the property market. Asking prices are up 0.7 percent to an average of £297,587.
“Considering some of the gales that buffeted the market in the latter part of 2017, these early readings for 2018 show that there is currently a good following wind of search activity,” said Rightmove director, Miles Shipside.
“To keep this year’s initial buyer momentum with you rather than against, serious sellers should note that all regions are currently selling at a slower rate than a year ago, indicating choosier buyers,” he added.
Whilst asking prices might be up £2,000 from December, sales are down by 5.5 percent on the same time last year.
In London, asking prices for properties are continuing to fall. The average price for a property listed by Rightmove in London is down 1.4 percent on the month and 3.4 percent over the year. The average property price in the capital is £600,926.
Nationwide (LON: NBS) has predicted a “broadly flat” property market in 2018. Halifax has predicted UK growth from 0 percent to 3 percent.
The chancellor’s November budget saw a cut in stamp duty, something Prime Minister Theresa May said will benefit thousands.
The new budget saw Philip Hammond cut stamp duty cut for 95 percent of first-time buyers, with 80 percent paying none at all.
“I have made it my personal mission to build the homes this country needs so we can restore the dream of homeownership for people up and down the UK,” said May on the changes.
“In the autumn we set out ambitious plans to fix the broken housing market and make sure young people have the same opportunities as their parents’ generation to own their own home.”