Homes take 61 days on average to sell in the West Midlands
The average asking price of properties new to market edged up in February, demonstrating “cautious optimism” among new sellers compared to the same period last year.
National prices rose in the month by 0.8% (+£2,414), bringing the average asking price to £300,001 according to Rightmove’s latest house price index.
Apart from the South West, where property values declined by £131, prices grew monthly in every region. Annually, asking prices rose by an average of 1.5% across the country.
Annual growth in England remains strongest in the Midlands, with prices up in the East (6.3%) and West (4.9%), followed by Yorkshire & the Humber (3.1%).
Similarly, the East and West Midlands are named “fastest selling hotspots”, with properties taking an average of 65 and 61 days to sell respectively, compared to the national average of 72 days.
Properties are being priced appropriately according to Miles Shipside, Rightmove’s director and housing market analyst: “Whilst it is the norm for new sellers’ asking prices to be buoyant at the start of a new year, this first complete month in 2018 is seeing more pricing optimism than the comparable period in 2017.
“The political and economic uncertainty is out of sellers’ control, but they are in control of their asking prices, and in general they are not being overly ambitious or setting too high an asking price.”
Last week, a recent report by the Institute for Fiscal Studies announced that the homeownership levels among young adults have “collapsed”.