Rightmove says property market to improve in 2013

Jan 18 | 2013

A recent report from Rightmove says that its enquiries are up by 11% on last year, the Bank of England reports mortgage approvals are up by 9.2%, and there are good signs for the housing market in 2013.


The report says that although house prices fell in November, apparently they regularly do fall in November and this year the fall is significantly less than in recent years and the lowest fall since 2009.  UK property prices are still 2% up on this time last year, the highest annual rate of increase for five years.

In the report Miles Shipside, Director and Housing Market Analyst at Rightmove comments: “Though the market remains patchy and national statistics are given a gloss by a buoyant London market, there are a number of positive trends that justify cautious optimism as the market enters its winter recess. Outside the capital, agents report prices are broadly flat in many parts of the country compared to a year ago. This stability may indicate a sounder springboard for 2013 as the wait goes on for a sustainable recovery in transaction numbers.”  Miles also commented that first time buyers seem to have made the transition and have adjusted their expectation regarding deposit requirements. “Our survey found that 78% of

2013’s intending first-time buyers stated that they have a 10% or greater deposit lined up, suggesting they have adjusted to the new market norms of higher equity requirements.”

Read the full report here.