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UK asking prices show bigger-than-usual rise in May, Rightmove says
Rightmove said higher new listings and a 5.18% two-year fixed mortgage rate kept the market steady even as annual asking prices stayed below last year.
- On Monday, property website Rightmove reported that British home asking prices rose 1.2% in May, exceeding the 1.0% increase typically seen for the season despite Iran war uncertainty.
- Despite cost-of-living pressures and wider global uncertainty, market activity remained steady as average two-year fixed mortgage rates eased to 5.18% from 5.42% last month, Rightmove said.
- Rightmove data shows 32% of properties require eventual price cuts due to over-optimistic pricing, which extends the time needed to find a buyer by 91 days.
- Buyer choice reached its highest level for any May since 2015, creating a highly competitive environment, though agreed sales remained 4% lower than at this point last year.
- Research published by Zoopla reveals 53% of sellers cut their price before finding a buyer, prompting property expert Colleen Babcock to warn that "getting the asking price right from the outset is increasingly important.
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U.K. Home Price Rise in May Reaches 10-Year High, Rightmove Says
The average price increase of a U.K. house being put up for sale in May is higher for the month than that over the past ten years, despite uncertainty over cost-of-living pressures resulting from the war in the Middle East.
·New York, United States
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Coverage Details
Total News Sources14
Leaning Left1Leaning Right2Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
14%
C 57%
R 29%
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