House prices across England and Wales in February fell by 1.4 per cent on the month. However are up 2.6 per cent on the year. The average house price now sits at £232,942.
New buyer demand for homes rose by 9.8 per cent on the month, however it is still down annually by 36.1 per cent. Additionally the number of properties coming onto the market has risen by 7.3 per cent on the month, but are down by 3.6 per cent on the year. This month there are 10 buyers chasing every property across England and Wales.
The market has become less efficient this month, as the number of transactions has decreased however the number of viewings has increased. Meaning that buyers are choosing to look at more properties before they buy.
The average purchase price for first-time buyers has dropped marginally on the month by 0.5 per cent, however it remains stable on the year. The number of first-time buyers entering the market has risen by a significant 10.9 per cent on the month, however is still down -39.8 per cent on the year.
Paul Smith, CEO of haart, the UK’s largest independent estate agent, said: “House prices are proving their resilience as values this month beat those seen at the same time last year, at a time when the market was experiencing levels of hyperactivity in the rush to beat the stamp duty change. After a turbulent year, that is a truly remarkable achievement.
“Our data shows that there are currently ten buyers chasing every property across England and Wales, a gap that is set to widen as we also see the number of buyers and first-time buyers entering the market increase every month, and as viewing figures bolster. All very impressive when considering the battering the industry has taken in the last 12 months, in the form of the stamp duty changes, letting agent fees and political upheaval.