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Subdued prices spell opportunities  Image

16th October 2018
Subdued prices spell opportunities

 Subdued UK house prices provide first-time buyer opportunity

UK house prices rose at their slowest monthly rate in October since 2010, with subdued prices providing a good opportunity for first-time buyers this autumn.

According to the latest Rightmove survey, UK house prices rose 1% on the month in October, up from a 0.7% increase in September but marking the lowest monthly rate of increase at this time of year since 2010.

Mile Shipside, Rightmove director and housing market analyst, said the national average was dragged down by a 0.1% monthly price drop in the sector with properties of two bedrooms or fewer, which was the result of less active buy-to-let investor activity, giving first-time buyers an opportunity this autumn.

"With the government using the tax system to try and help first - time buyers while deterring out - of - favour landlords, prices in this sector have been subdued as intended. That gives aspiring first - time buyers an autumn opportunity to negotiate a favourable deal," he said.

Shipside added: "Stretched buyer affordability and a slowdown in price rises are the natural outcome of property prices increasing over the p ast seven years at a far faster pace than average wages. The prices of properties with two bedrooms or fewer have kept pace with the rest of the market with a 32.8% price uplift in that timescale, partly driven by buy - to - let investors seeking better and less risky returns than are available from other asset classes.

 

 



"Government policy has sought to reduce this activity through higher landlord stamp duty and lower income tax reliefs and so tilt the balance back towards first - time buyers. Help to Buy is also encouraging first - time buyers to buy brand new homes and may to an extent be redirecting them away from the second hand housing market."

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