Home Property What will happen to the property market in 2018?

What will happen to the property market in 2018?

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15th Jan 18 9:39 am

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Early indicators of activity in this year’s housing market show that demand remains robust, and most of the key metrics are broadly consistent with the same period last year. 

Demand as evidenced by visits to Rightmove shows the average so far in January is currently running over 9 per cent higher than the same period a year ago, with an average of over 4 million visits each day. 

The rate of increase in the price of property coming to market is consistent with last year, up by 0.7 per cent (+£2,067) this month versus +0.6 per cent in the same period 12 months ago. In spite of the high level of home-hunter visits as we start 2018, sellers should note that buyers are still being very choosy, as shown by the number of sales agreed in the last quarter of 2017 being lower than a year ago in all regions.

Miles Shipside, Rightmove director and housing market analyst comments: “Considering some of the gales that buffeted the market in the latter part of 2017, these early readings for 2018 show that there is currently a good following wind of search activity. To keep this year’s initial buyer momentum with you rather than against, serious sellers should note that all regions are currently selling at a slower rate than a year ago, indicating choosier buyers. 

“The total number of sales agreed was 5.5 per cent down in the last quarter of 2017 compared with the same period in 2016. Setting tempting asking prices and then quickly reducing them if there is little initial interest will be key to turning this promising level of buyer activity into actual sales, especially in the less active sectors and locations of the UK.”

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