Asking prices of properties fresh to the market bounce up as stock evaporates. – Katar Investments

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Asking prices of properties fresh to the market bounce up as stock evaporates.

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The asking price of properties new to the market bounced up 0.5% at the start of this year as stock per agent fell markedly.

The average agent had 53 properties on its books last month, Rightmove reported this morning.

However, the number included those under offer, or sold subject to contract, as well as those available, with no breakdown by the portal.

The overall figure, for December, is down on the 57 average stock per agent reported in December 2015, and down from a high of 65 reported in the summer months of last year.

It is also down on a monthly basis, with 59 average properties reported to be on a branch’s books in November.

The latest asking price rise is the second highest Christmas/New Year increase since 2007, Rightmove said this morning.

However, the rise is well below last year’s January monthly increase of 1.4%.

In January 2007, new asking prices rose by 0.5% – the same as reported this morning – while in 2011, there was a 4.9% monthly decrease.

Also noticeable is that asking prices of properties new to the market have risen in all regions on an annual basis, but not everywhere on a monthly comparison.

Rightmove reports some extraordinarily and very complicated changes within London.

Annually asking prices are down 0.6% within Westminster, yet up 15.8% on a monthly basis.

In Camden, asking prices are up 38.1% annually, including a monthly rise of 10.8%.

Worst hit in terms of new asking prices are first-time buyers, with an annual increase of 8.6%. The average new asking price for a typical first-time buyer is now £177,261.

The 8.6% rise compares with annual uplifts of 6.9% for second-steppers and 5.7% for ‘top of the ladder’ purchasers.

However, Rightmove said that on a monthly basis, asking prices for first-time buyer properties barely rose, by just 0.1%.

First-time buyer properties are defined as two-bedroom or smaller properties; second stepper homes are three and four-bedroom homes, excluding four-bedroom detached houses. Top of the ladder is all the rest.

Rightmove said the average new asking price for all types of properties is now £290,963, an annual rise of 6.5%.

The portal also said that traffic was up 21% in the first working week of this year, compared with the start to 2015.