Posts by Rightmove
Rightmove data on council tax increase
Following today’s announcement about councils being given the power to increase council 5%, new Rightmove data analyses council tax by local authority in England as a proportion of rent and mortgage payments, showing that people in Hartlepool pay council tax that is equivalent to 22% of their annual mortgage payment, versus just 1% of their…
Read MoreFirst-time buyers reduce energy use & going out to save for a deposit
Rightmove’s new study reveals that determined first-time buyers are cutting back on going out and using as much gas and electricity to still be able to save up for a deposit: The most common things they are cutting back spending on are going out, their levels of energy use, holidays, their food shop and streaming…
Read MoreRightmove House Price Index: Financial uncertainty continues though price drop in line with the norm
The average price of property coming to the market drops by 1.1% (-£4,159) this month, which despite the weight of financial uncertainty is in line with the average 1.1% drop recorded in November during the pre-pandemic years of 2015-2019 The proportion of properties seeing a reduction is only slightly up on pre-pandemic levels, though a…
Read MoreRents hit new record & city tenants down-size to studio flats
National average asking rents outside London have hit a new record, now £1,162 per calendar month (pcm): Asking rents jump by more than 3% this quarter (+3.2%) for only the third time on record Average London rents rise to £2,343 pcm, leading to the biggest ever annual jump of 16.1% More new rental properties are…
Read MoreRightmove House Price Index: Some new movers pause while agreed deals rush to complete
The average price of property coming to the market rises by 0.9% (+£3,398) in the month to a new record of £371,158: This 0.9% rise is a softening from the five-year average rise in October of 1.2% There is little sign of downwards price pressure on existing properties for sale. The number of homes seeing a…
Read MoreRightmove House Price Index: Surprisingly resilient market despite economic pressures
The average price of property coming to the market rises by 0.7% (+£2,587) in the month to £367,760: This month’s rise in new seller asking prices is in line with the ten-year September average increase of 0.6% The middle and high-end market sectors are driving price rises this month, with a new record average asking…
Read MoreRightmove data and comment following 0.5% interest rate rise
Tim Bannister, Rightmove’s Housing Expert, said: “Although the majority of people are on fixed rate mortgages, there’s a looming concern for those with their terms due to end over the next six months or so as interest rates continue to creep up. It’s likely that those who choose to fix again will find that rates…
Read MoreSearches for homes with air conditioning triple in year
New analysis from Rightmove reveals searches for homes with air conditioning have soared after a record-breaking hot summer: Searches for homes for sale with air conditioning have more than tripled in a year (+234%) Searches for homes available to rent with air conditioning are also up 74% compared with the same time in 2021 On…
Read MoreCoastal areas see biggest affordability decline during pandemic
Coastal local authorities have seen the biggest decline in first-time buyer affordability over the past three years, as house prices have outpaced average local salaries: Adur in West Sussex tops the list, where the average first-time buyer asking price is now 11.6 times the average local salary, up from 8.7 times before the pandemic Hertsmere…
Read MoreBills included becomes most searched for term and renters double search areas
‘Bills included’ has become the most popular renter search term, overtaking pets and gardens as a must-have for the first time, to help people have more certainty in their outgoings as the cost of living continues to rise The average size of area that people are looking in to find a new place to rent…
Read MoreRightmove House Price Index: Prices fall though likely more due to holidays than rate rises
Price of property coming to the market sees first fall this year, down 1.3% in the month to £365,173 (-£4,795): Prices usually drop in August, and this 1.3% drop is on a par with the average August drop over the past ten years Summer holidays are taking priority and some new sellers are pricing more…
Read MoreDining Rooms Decline And Orangeries On The Rise
New analysis reveals the home features that have shifted in popularity over the last ten years: Garden offices, orangeries, summer houses, underfloor heating, bi-fold doors and open plan rooms have all surged in popularity Conservatories, greenhouses, dining rooms, fitted wardrobes all appear to be on the decline The pandemic-induced working from home has led to…
Read MoreRightmove data on potential interest rate rise
Average monthly mortgage payments for new first-time buyers are £976 per month, compared with £813 per month in January (+20%) If the rate rises by 0.25% the average monthly mortgage payment for new first-time buyers would increase to £1,003 nationally, and if it rises by 0.5% it would increase to £1,030 Average first-time buyer monthly…
Read MoreBuyers will expect discounts on homes with poor energy ratings in future
Buyers becoming more conscious of green features will try to negotiate discounts on the asking price of homes with the poorest EPC ratings in the next ten years, to factor in costs of making green improvements Home-owners who have made green improvements before selling have made as much as 16% extra on average, compared to…
Read MoreFirst-time buyer prices and rents rise three times faster than pre-pandemic
New analysis finds that over the past two years both first-time buyer asking prices and average rents for equivalent properties have risen three times quicker than the previous two years: Average monthly rental payments are 17% higher (+£128) than they were two years ago, compared to a 5% rise in the two previous years Average…
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