Benham & Reeves Market Index Review
September 13, 2019
Property market shows signs of life but asking price expectations remain out of kilter with wider market conditions
The latest Market Index Review report by lettings and sales agent, Benham and Reeves, has looked at the current state of UK and London property prices based on aggregated data from the four leading house price indices (Halifax, Nationwide, Rightmove and the Land Registry), as well as the current reality gap between the mortgage approval prices of home buyers, the asking price expectation of sellers and the reality of sold prices in current market conditions.
- The latest report shows that based on date from Nationwide, Halifax, Rightmove and the Land Registry, the current UK house price during the second quarter of this year is £251,682, up 1.7% quarterly and 1.4% annually – the first quarterly increase since Q3, 2018.
- In London, the current average price is £512,193, up 1.5% annually and the first quarterly increase since Q2, 2018, although prices are still down -1.6% annually.
- When looking at the price buyers are securing at the mortgage approval stage compared to the asking price expectations of home sellers, there is a 36.2% gap across the UK and a 32.7% gap in the capital.
- When looking at the final stages of the property selling process, UK buyers are paying -25.5% less on average than the average asking price, while in London, buyers are paying -24.5% less than the average asking price in the capital.
You May Also Enjoy
Mould and damp – what you need to know ahead of winter
With the winter months just round the corner, problems with damp and mould can become far more prominent. Autumntime is when many people turn on central heating systems and choose to close windows, preventing fresh air ventilation needed to allow damp air to leave a property. Unfortunately, the combination of warm and damp air can…
Read More 
Rental price and average salary tracker – September 2025
London and South East see biggest dips in required rental salary year-on-year London and the South East saw the sharpest dips year-on-year in the average salary needed in order to rent the average home in that area. London saw a 4.2% drop, whilst the South East saw a decline of 2.9%. Yorkshire and Humberside saw…
Read More 
The cities where buying beats renting – with just a 5% deposit
British first-time buyer mortgage payments are typically 17% cheaper than renting, even with a low 5% deposit The average 5% deposit is £11,412 based on a typical first-time buyer property price of £228,233 Among major cities outside London, the biggest gap between owning and renting is in Glasgow, where buyers could save more than £4,750…
Read More 
Rightmove’s Weekly Mortgage Rates Tracker
Average rates for 2-year and 5-year fixed-rate mortgages Term Average rate Weekly change Yearly change 2-year fixed 4.51% +0.00% -0.37% 5-year fixed 4.55% +0.01% +0.01% Lowest rates for 2-year and 5-year fixed-rate mortgages Term Lowest rate Weekly change Yearly change 2-year fixed 3.77% +0.05% -0.07% 5-year fixed 3.97% +0.10% +0.29% Average…
Read More
Data and commentary from Rightmove on stamp duty reforms
Colleen Babcock, Rightmove’s property expert said: “We’ve been calling for stamp duty reform for some time now, as it’s a significant barrier for many people moving home. Abolishing it completely would remove one of the biggest barriers to moving, unlocking more moves at all stages of the property ladder. “Our data shows that only 5%…
Read More 
Second-time buyers dominate demand for longer term fixed mortgage deals
Second-time buyers are dominating demand for longer term fixed mortgage deals, fresh data from Moneyfacts Analyser can reveal. Of those looking for fixed term deals on moneyfactscompare.co.uk: Almost two-thirds (58%) of second-time buyers who compared mortgage deals using the moneyfactscompare.co.uk website were considering terms of three years or longer in the 30 days to 1…
Read More