01 Feb Darlington Property Update – February 2018
Rightmove reports a busy start to 2018. Visits to its online portal are up by an average of over 9% compared to January 2017. The average price of a property coming to market is up 0.7% (+£2,067), similar to the +0.6% rise witnessed in January 2017.
As expected sales volumes in December fell back slightly. The HMRC report that there were 99,100 sales recorded on a seasonally adjusted basis, on par with December 2016.
Generally, sales volumes remained stable throughout 2017, with just 0.6% fewer recorded over the year compared to 2016.Looking ahead, the latest RICS report suggests that sales levels will remain fairly flat over the next three months although activity is expected to pick up across all regions in the longer term.
Mortgage approvals fell in December according to both the Bank of England and UK Finance. 61.039 mortgages were approved for new home ownership in December according to the BoE, over 10% down on a year ago. In comparison, the value of mortgage lending rose by 4.7%.
Buyer demand fell in December, with the National Association of Estate Agents reporting a 20% fall in the number of buyers registered per member branch compared to November. December is typically a quiet month for activity, with sales volumes also falling.
The November budget announced that first-time buyers will pay no stamp duty on properties up to £300,000, or no stamp duty on the first £300,000 of properties bought up to £500,000. However, two-thirds of respondents to the December RICS survey felt this change would have little impact on the housing market.
House prices across the UK increased by 5.1% in the year to November according to the latest UK house price index. This compares to an annual rate of growth of 5.3% a year ago. Prices are rising fastest across the West and East Midlands.
The West Midlands witnessed the most solid house price growth during 2017, according to the Nationwide, with the area seeing prices increase 5.2% in the last year. In comparison, they note that prices fell by -0.5% across London, the capital the weakest region for annual growth for the first time since 2004.
Average asking prices for new-seller properties rose by 1.2% throughout 2017 according to property portal Rightmove.
If you’d like advice on the Darlington property market, why not call us today on 01325-776424 for a no obligation chat.