Positive signs of a recovery in the housing market in the coming months are indicated by the latest Rightmove House Price Index.
Prices are up by 2% (+£4,617) year-on-year – the highest annual rate of increase seen in November since 2007 and still up by 0.2% year-on-year with the ‘London effect’ removed.
Further encouraging signs for the market include:
Rightmove search activity up 20% and enquiries up 11% on same time last year.
Supply tightening in lower price brackets pushing up prices on terraces and flats by over 4%.
Bank of England reports mortgage approvals up 9.2% on last quarter.
The House Price Index shows an even more marked improvement in the South West where there is a year-on-year average price increase from £246,874 to £254,021 – an annual increase of 2.9%.
Adam Offer, managing director of leading South West estate agents, Besley Hill, endorsed the Rightmove findings.
“All the reports we are getting from our 15 branches throughout Bristol and Gloucestershire suggest that we can look forward to a better year ahead,” said Mr Offer.
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