Confidence high amongst home-owners says Rightmove
Research from Rightmove shows home-owners are in a confident mood and largely unfazed by the risk of higher interest rates in 2016, sellers who come to market in the run-up to Christmas typically set lower asking prices as buyers are harder to attract at this time of year.
Rightmove noted this November’s price-dip of 1.3% (-£3,977) is much less marked than usual, and is the smallest seen at this time of year since 2011. Their findings show that the outlook among homeowners for the year ahead looks positive, with the likelihood that demand will continue to outsrip supply house prices appear set to continue to rise in many locations in 2016.
Rightmove director and housing market analyst Miles Shipside reportedly says: “New-to-the-market sellers have dropped their asking prices at this time of year for the last eight years, with an average drop of 1.9% over the last five years. Those looking to market their property as Christmas gets closer often have a greater sense of urgency to find a buyer and sensibly recognise that trimming their asking price will provide an incentive to potential buyers more focussed on seasonal Christmas trimmings. Buoyant market conditions and a confident outlook for 2016 mean that the reduction, while no-doubt welcome to hard-pressed buyers, is the most Scrooge-like since 2011! It’s likely to be a short-lived respite as the combination of high confidence and low interest rates is a recipe for higher prices next year.”
To see full Blog visit website: http://www.rightmove.co.uk/news/articles/property-news/home-owner-confidence-sets-the-scene-for-higher-prices-in-2016?utm_campaign=socmed&utm_medium=social&utm_source=TWITTER&utm_content=278720599
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