Figures show house price increase is at the slowest rate since 2013

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20th February 2017 15:35 - Housing

Figures show house price increase is at the slowest rate since 2013: Figures from the property website, Rightmove, have revealed that the increase in house prices have slowed down to the lowest rate since 2013 as a result of tighter lending criteria, Brexit uncertainty and the ever-increasing cost of living.Figures show house price increase is at the slowest rate since 2013

According to Rightmove, the annual rate of house price growth for 2017 was 2.3 per cent, which represents the lowest rate since April 2013.

For February 2017, the price of property coming to market increased by 2 per cent to £306,231, which is the lowest price hike at this time of year since 8 years ago in 2009.

Rightmove attributed the stark difference to this year’s growth and early last year’s growth to buy-to-let investors rushing to beat the April stamp duty deadline, which consequently made this year’s growth figures look lower in comparison.

However, despite this, Rightmove maintained that the demand for houses stayed strong and revealed that 131 million visits were made to the Rightmove website in January 2017, which is 3 per cent more than in January 2016.

The slower pace of price increase means that properties which are overpriced are at a higher risk of standing out as being of poor value for longer, which may result in a lack of interest for potential buyers.

Rightmove stated that with buyer affordability being pushed to its limits, just one in for estate agents said that there was still interest if prices were more than 5 per cent too expensive.

As well as this, Rightmove’s analysis of more than 100,000 newly listed properties revealed that sellers were 40 per cent more likely to make a sale with that estate agent if the property was priced right when they first entered the market.

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