Asking prices for British homes rose by the least in a decade over the past year, property website Rightmove have confirmed, adding to signs of a slowing housing market ahead of Brexit. Prices for newly advertised property were up by just 0.2 percent in February compared with a year earlier, the smallest increase since 2009, although they increased by 0.6 percent on the month, in line with the seasonal average.
With wages rising at an annual rate of more than 3 percent, according to official data, the affordability of houses was improving at its fastest since 2011, Rightmove said. “In theory the scene would be set for an active spring if it were not for the uncertain political backdrop,” Rightmove housing market analyst Miles Shipside said.
Britain is on course to leave the European Union without a transition deal on March 29 unless Prime Minister Theresa May can broker a revised agreement with the bloc that is acceptable to her divided party and Parliament. British house prices have slowed over the past year, mostly in London and the South East, as Brexit worries added to the headwinds from stretched affordability and higher purchase taxes for rental properties and houses costing over £1 million. Official data last week showed annual house price growth slowed to 2.5% in December, the lowest since 2013, while surveyors see the weakest near-term outlook for prices since 2011. Rightmove’s data is based on property advertisements on its database, which it says accounts for 90 percent of residential property on sale in the UK. – Reuters
Deprecated: Automatic conversion of false to array is deprecated in /customers/e/6/f/drawingsforplanning.co.uk/httpd.www/wp-content/themes/betheme/functions/theme-head.php on line 1471
Deprecated: Automatic conversion of false to array is deprecated in /customers/e/6/f/drawingsforplanning.co.uk/httpd.www/wp-content/themes/betheme/functions/theme-head.php on line 1471
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.