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United Kingdom house price growth flat in March amid Brexit uncertainties, Rightmove reveals

20 March 2017, 01:29 | Melvin Schneider

East Midlands cities such as Lincoln have proved attractive for buyers with the region’s average house price passing £200,000Getty Images

East Midlands cities such as Lincoln have proved attractive for buyers with the region’s average house price passing £200,000Getty Images

Asking prices in the United Kingdom housing market continued to rise in March, led by gains in the Midlands, new figures show.

Online property portal Rightmove said that asking prices in the East and West Midlands increased by 2.1pc in March. Prices were up 2.3 percent in annual terms.

Rightmove, the property website, said that prices for the United Kingdom jumped 1.3 per cent from last month, the second best performance for a March since the company started compiling the data in 2007.

According to estate agents in the Midlands, the majority of sellers in the region are achieving their full asking price and in many cases exceeding the guide price.

Three quarters of agents (75 per cent) surveyed by Rightmove reported their local market as price sensitive and that an asking price more than a few per cent too high will harm interest levels in the property. On an annual basis, the price growth was 5.7% and 4.2% respectively.

The price of property coming to the market in the East Midlands is at a record high, breaking through the £200,000 barrier for the first time to £200,620.

However, annual asking price growth is now only 2.3 per cent - around a third of the level this time past year, and an indicator of a generally slowing market, advises the portal.

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Shipside added: "The price-rise crown has shifted from its previous strongholds".

Miles Shipside, director of Rightmove, said: "The pace is no longer being set by the more affluent commuter-belt South, including London with its global appeal". Neither is it set by the cheaper north driven by a mass of investors swooping on high buy-to-let yields.

But he pointed out that while market fundamentals remain robust, the annual rate of increase in the price that new to the market sellers are asking for their property remains modest at 2.3% for the second consecutive month.

"As other parts of the country suffer from varied factors such as highly-stretched affordability, changes in sentiment and increased economic uncertainty, it is the Mighty Midlands that is the current powerhouse of price rises".

Wales was the only place to see asking prices fall with a 2.5% decline month on month to an average of £173,073, and down 0.6% compared to a year ago.

"In areas like the Midlands where prices aren't as inflated [as the south-east], a more no nonsense approach is benefiting homeowners as they proceed with their sale and see stronger, more natural price growth across the board as a result".



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