Rightmove’s October house price index announced
Each month, property search portal Rightmove releases a summary of statistics showing whether house prices have increased or fallen during that period. It’s useful if you want to know how the housing market is performing generally, how it fares compares to previous months or years, and whether any particular areas are outperforming others.
October’s house price index was announced today (Monday 15th October) and made for subdued reading, recording the lowest monthly rate of increase at this time of year since 2010. But while the average asking price of property rose by just one percent nationally, we’re pleased to report that Leeds is well and truly bucking the trend!
The housing market in and around Leeds has remained consistently buoyant over the course of this year, with sales over the past three months up 9.5% compared to the same period last year. First-time buyer demand is also at an all-time high, with no signs of slowing down, and to make things even more encouraging, we’ve seen a 6.5% increase in the number of new properties being listed in and around Leeds over the past three months.
Our hunch is that the latter might be due to people looking to move before the potential impact of Brexit, so we’re expecting a flurry of activity over the next few months. We also think spring 2019 will see a significant amount of properties owned by landlords hitting the market, as new legislation and (heavier) tax comes into play for buy-to-let investors. That spells more good news for those at the start of their home ownership journey though, who might now have access to even more suitable properties, at lower prices, and without stamp duty.
If you’re interested in current market conditions, thinking of buying or selling, or just want some honest advice, please get in touch with our team who’ll walk you through the whole process.