UK Home Asking Prices Rise as Mortgage Relief Spurs Activity [BNN Bloomberg (Canada)]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: BNN Bloomberg
The average price of a property put up for sale rose 0.9% to £362,839 ($456,400) in February with gains across all UK regions including London, according to real estate portal Rightmove. It left prices 0.1% higher than a year earlier, the first positive annual reading since July 2023. Agreed sales in the first six weeks of this year were 16% higher than the same period last year, while new listings and buyer enquiries were both up 7%. The figures published Monday appear to confirm a housing market returning to health as cheaper borrowing costs and a brighter economic outlook lure buyers back into the market. Official data last week showed prices increased for the first time in four months in December, while more forward-looking data from lenders Halifax and Nationwide indicated further gains in January. There's scope for “cautious optimism as we settle into 2024, with encouraging activity levels and a more stable housing market,” said Rightmove Director of Property Science Tim
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