Sales and rental markets in the North are stronger than the South
However, while it calculates that there has been an overall average 0.4 per cent increase in asking prices this month, indicating that vendors’ confidence has been dented, sellers in the North East, Yorkshire and Scotland remain much more bullish than in the southern regions and sales figures in Yorkshire, where the market has picked up, back this up.
Asking prices in Yorkshire are up 0.8 per cent this month taking the average asking price to £252,528, while Scotland saw the greatest rise of two per cent and the North East had a 0.9 per cent increase.
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Hide AdHome.co.uk believes that market momentum overall remains relatively healthy, as indicated by the typical time on market for unsold property in England and Wales being one day less than last year. However, the current mean time on market at 165 days is eight days higher than in May 2023, indicating that harder to shift properties are hanging around longer on the market.
It adds that should the mortgage market not improve, vendors in the South will be the first to come under pressure to moderate their asking prices.
As for rents, they show positive growth in all regions except Greater London, the UK’s largest rental market, where they continue to indicate weakness. However, the rate of decline has slowed to 3.2 per cent as greater numbers of boroughs return to positive growth.
The North East continues to be the regional growth leader in rent rises, followed by Yorkshire, registering hefty year-on-year hikes of 17.3 per cent and 15.1 per cent respectively. Meanwhile, Greater London rents are down 3.2 per cent.
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