When putting your home up for sale it’s natural to take a keen interest in house prices and the latest market data.
Now one thing you may have noticed is that there are vast swathes of data published each and every month, and that the majority of it is conflicting!
With this in mind, we’ve put together a run down of the latest data affecting property sellers, explaining some of the key differences...
‘Asking prices surge to record high’
That’s the message from property portal Rightmove, which says the average price of property coming to market has rebounded to an all-time high of £294,351 in June.
Rightmove’s Index reports that six out of ten regions set new record price highs this month as a well-documented supply/demand imbalance continues apace.
The website also says that buyer numbers and traffic has been boosted by last month’s election of a Conservative majority government, as the site’s number of website visits soared to 115 million, the equivalent of every adult in the UK visiting Rightmove twice in the month.
If people thinking about selling property had any doubts about the number of buyers out there, this data goes a long way to diminishing those fears.
But ‘House price growth continues to slow’
After reading the above from Rightmove, how can this be? Well, the Office for National Statistics (ONS)’ figures are based on completed transactions, rather than asking prices like Rightmove, accounting for the differing messages.
The ONS’ latest numbers show that house price growth in the year to April fell to 5.5%, the slowest rate of annual growth recorded since April 2013.
This puts the ONS’ average house price at £271,000, compared to Rightmove’s aforementioned figure just below £300,000, which, we must stress, is an average asking price.
And ‘Price growth slows but cash purchases reach all-time high’
Similarly, the Nationwide’s latest House Price Index agrees with the ONS that price growth has slowed, albeit to an even lower rate of 4.6% in May.
The bank also reported that cash purchases accounted for 38% of all transactions in the first quarter of the year, an all-time high.
Nationwide’s average asking price for May sits at the much lower figure of £195,166. The key reason for this is that Nationwide uses data from its house purchase mortgage lending figures, rather than all the property listings on Rightmove, for example.
So, that’s just three of the most high profile indices and as you can see the differences are quite clear. There are a range of other reliable reports published on a monthly basis from sources such as Halifax, Hometrack and the Land Registry, to name just a few.
When looking at all this data it is important to know the differences and caveats. That said, taking in the latest data and getting a feel for the current market can be invaluable for property sellers.
The current message when it comes to property price data is that while we may not be experiencing the astonishing levels of growth we saw last year, property confidence remains high and as we settle into the post-election landscape, we expect these figures to improve over the summer months.
And, as you can see from Rightmove’s data, the public’s appetite for property continues to grow and now certainly is a great time to sell your property.
At Tepilo we are committed to getting you the best price for your home, please get in touch for further advice on the property market and selling your home.
If you are thinking about putting your property on the market, you can see how much it could be worth using our instant online valuation tool.