First monthly drop in house asking prices this year... 📉
#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
Rate rises quash spring price bounce but activity holds up... Average national asking price = £372,812
Key findings from Rightmove's latest HPI Report 🔍:
🔹 Average new seller asking prices fall by £82 (-0.0%) this month to £372,812.
🔸 Average asking price / monthly change / annual change
🔸 Overall national average £372,812 / 0.0% / +1.1%
🔸 East Midlands £286,596 / -0.6% / +0.2%
🔸 First time buyers £226,412 / +0.0% / +0.1%
🔸 Second-steppers £342,471 / +0.3% / +0.8%
🔸 Top of the ladder £688,936 / +0.6% / +1.5%
🔹 This is the first monthly drop in new asking prices this year, and the first at this time of year since 2017
🔹 Buyer affordability constraints and more pricing realism from new sellers have brought forward the usual summer slowdown
🔹 High mortgage interest rates and inflation figures are piling pressure on already stretched budgets
🔹 In the last four weeks, average mortgage rate for a 5-year fixed 85% Loan-to-Value (LTV) mortgage has jumped from 4.56% to 5.20%
🔹 So, a new buyer purchasing an average property would now pay an extra £117 per month (over 25 years)
🔹 The four weeks before, the shift was just 4.50% to 4.52%
🔹 Having said this, Buyer enquiries are up 6% compared to same period in 'normal' market 2019
🔹 For latest mortgage rates, click here
📩 Download Rightmove's full report here 📩
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#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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