Early Momentum Building in UK Housing Market.

Early Momentum Building in UK Housing Market.

With the dawn of the new September Housing Price Index from Rightmove, it appears that prospective buyers are beginning their new home searches early this autumn. An unusually quick 0.9% rise in asking prices (Rightmove.co.uk, September 2014), this September, has been reported due to an increase in the number of actively searching potential buyers. The number of enquiries agents have received has increased by 16% year-on-year (Estateagentoday.co.uk, September 2014). This steep rise is due to the second highest ever monthly level of enquiries being received, with only January 2014 being slightly higher. Increased availability of home-sellers on their mobile devices is driving forward early momentum in the moving window, with agents able to communicate with holidaying home-sellers faster and easier. Flats and apartments have experienced a 13.4% growth in value (Rightmove.co.uk, September 2014), the highest of all property types. This could be linked to the increasing price rises, and stringent mortgage regulations, restricting buyers from affording larger properties. It seems the moving window in 2014 has been brought forward due to hesitation ahead of the Scottish referendum. Sources: Rightmove.co.uk, September 2014; Estateagenttoday.co.uk, September 2014

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