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Financial News: UK House Prices Rise On Stronger Demand: Rightmove

UK House Prices Rise On Stronger Demand: Rightmove

03/18/2024 - 08:07:00 (RTTNews)

(RTTNews) - UK house prices increased at a faster pace in December as the market continued its recovery after a muted 2023, the property website Rightmove said on Monday.

The average asking price grew 1.5 percent on a monthly basis in March, following a 0.9 percent rise in February. The rate was also higher than the historic average March increase of 1.0 percent and was also the strongest in ten months.

On a yearly basis, house price growth advanced to 0.8 percent from 0.1 percent in February.

The number of sales being agreed was 13 percent higher than at this time last year. Moreover, buyer demand was 8 percent above last year.

However, Rightmove's realtime data indicated that the growth in buyer demand was weakened by a lacklustre Spring Budget, with no direct support for first-time buyers. In addition, the average time to find a buyer was 71 days, the longest at this time of year since 2019.

"March is typically a strong month for asking price growth, as both buyer and seller activity levels rise and the spring selling season gets underway," Rightmove's Director of Property Science Tim Bannister said.

The stronger than usual price increase in the latest month suggests that new sellers are feeling much more confident, with some perhaps being over-optimistic, that there is enough buyer activity and affordability in their local market to achieve a higher price, Bannister noted.

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