UK's Wealthy Boost Property Asking Prices by Most in 12 Months [BNN Bloomberg (Canada)]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
NASDAQ:AMEX Investor Relations:
plc.rightmove.co.uk/investors
Company Research
Source: BNN Bloomberg
The average asking price of homes put up for sale rose 1.7% from a year ago to £372,324 ($462,890). Prices are now just £570 pounds short of the the record levels registered in May 2023. Much of the boost is coming from large homes, which include four-bedroom detached houses and all five-bed properties. Rightmove said that corner of the market is seeing the strongest start to the year for price growth since 2014, with the number of new sellers up 18% from 12 months ago. “The top-of-the-ladder sector continues to drive pricing activity at the start of the year, with movers in this sector typically less sensitive to higher mortgage rates, and more equity rich,” said Tim Bannister, director of property science at Rightmove. After a year of subdued sales, renewed activity in the property market encouraging even more large-home owners to sell, creating a positive feedback loop. But people seeking to buy their first home are still struggling to afford soaring prices, leaving lower se
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