According to the most recent Rightmove House Price Index, buy-to-let ignites chain reaction, driving prices to record high
Average price of property coming to market up by 1.3% (+£3,843) to set a record high of £307,033
A last minute rush from investors to buy before April 1st helped to ignite an onward chain reaction:
Stamp duty deadline gave early impetus to bottom of the market and had knock-on effect of energising the higher sectors of the market
This month’s rise is driven by second-stepper and top of the ladder sectors, while smaller properties in first-time buyer/buy-to-let sector see monthly price drop of 1.4%
While buy-to-let momentum at the bottom of the market has now dropped away, demand remains high with record visits on Rightmove in March.
Miles Shipside, Rightmove director and housing market analyst comments: “The onset of spring is traditionally when the housing market swings into full-on action, and while the early Easter this year could be credited with its very active current state, the housing market actually received a much earlier kick-startat the end of November. Chains need a
buyer at the bottom to enable everyone to move, and that was boosted by investors looking to avoid the 3% levy introduced on April 1st.”
To read the Rightmove HPI report in full click here
Author: Allen Walkey
Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.