There is one major conclusion that can be drawn from the Rightmove April 2015 house price index – now is a great time to sell!
The index offers data and insights into the property market based on houses put up for sale over the previous month. In contrast to many other surveys which look at completions – such as Nationwide and Halifax – the Rightmove index gives a feel for seller behaviour.
Rightmove HPI April 2015 Key Comments
Rightmove’s latest data highlights a few points of interest:
- Asking prices are at an all-time high – £286,000.
- There remains a relatively small in number of new houses coming onto the market – 4% down on the prior year. Not quite the “slump” that Rightmove call it, but still important.
- Buyer activity is at record levels, at least based on number of site visitors to Rightmove, so there is certainly demand out there.
- The property bubble that is appearing will be a major challenge for the new government.
So why is now a great time to sell your home?
Based purely on the Rightmove analysis we are very much in a seller’s market. Prices are on the up, and there is a shortage of available properties. These two factors are combining to reduce the average period it is taking to sell – Rightmove have calculated this at 72 days, which accords with our experience at My Online Estate Agent.
In addition, mortgage rates remain very low, and will continue to be so for the foreseeable future. Fixed rate deals below 2.5% are commonly available, and few commentators expect a rate rise within the near term, so it is possible to plan for low mortgage costs for the next few years. This means that houses are more affordable, increasing the available population of buyers that might be attracted to your property.
“I’m waiting to sell, for further price rises …”
One question we are repeatedly asked at MOEA is whether waiting a bit longer may enable you to get an even better price for your property. This is certainly possible, and whilst the seller’s market remains the upward trend will continue. But, equally, nobody knows what is around the corner, so waiting and then trying to sell when there is suddenly a glut of properties could be counter-productive.
It is also worth remembering that summer is just around the corner, when housing activity stagnates, and a hung parliament could cause confusion. As such, there is no certainty on where the market will head over the next 6 months.
My advice for buying and selling this month
Nobody has a crystal ball to tell you where the market is heading. It is thus important to take decisions based on what you know now. If you are keen to get a good price, now is definitely a great time to sell, and you should get close to your asking price in a short period of time.
Of course, waiting may be the better strategy, but it could also be the wrong approach. The key question to ask is this – if you got close to a recommended asking price for your property, would you be happy? If the answer is yes, don’t worry about whether prices may go up, because nobody knows, and put your house for sale!
For more insights on Rightmove’s index, take a look at the full report here (pdf) and if you’re considering selling your property, be sure to check My Online Estate Agent’s fixed fee seller packages.
[Source: Rightmove Property Portal]