This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Rightmove March House Price Index - Momentum Grows

LONDON, March 19, 2013 /PRNewswire/ --

Rightmove's March House Price Index finds that momentum continues to build in the housing market with several key indicators setting new post-credit-crunch milestones. The net result is that, as we enter the spring market, new sellers' asking prices are the highest ever recorded in the month of March at £239,710.

Miles Shipside, Rightmove director and housing market analyst, comments: "In today's turbulent world where economic crises seem more likely to re-appear than disappear, any market upturn will take longer to build home-mover confidence to the point that it starts to feed through to actual transactions. Even those who truly believe that the market has turned a corner may be unable to do anything about it due to lenders' cautious risk profiling, a significant factor limiting the speed and strength of the recovery. However, with new sellers asking more than ever before as we enter the traditionally busy spring market and an expectation among home-movers of price stability or growth, there is now a bedrock upon which confidence and momentum appear to be building."

A further Rightmove Consumer Confidence Survey of more than 40,000 respondents shows that 60% expect prices to be "more or less the same" in a year's time and a further 23% believe prices will be higher. Only around one in nine (11%) expect prices to be lower.

Shipside comments: "Positive sentiment on the future direction of property prices is a vital element in motivating more people to buy including those looking to trade-up. If they feel confident that prices aren't going to drop, some will take the plunge, while those who are predicting price rises often judge it wise to act sooner rather than later if they perceive delaying will mean they pay more. Whilst outlooks on property prices differ and remain patchy according to location and property type, overall there appears to be an upturn in confidence."

In spite of a 12% month-on-month increase in new seller numbers, unsold stock per estate agency branch has remained little changed, up from 64 properties last month to 65 this. This suggests an increase in the number of properties being sold and removed from active marketing. This bodes well for transaction numbers in 2013. With March's average time on the market also falling from 90 days last year to 80 days this, property appears to be finding buyers more quickly.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs