Property market in England and Wales    

December prices monitored by Rightmove fell by an average of 2.6% - in the price of property coming to market. 
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Rightmove predicts that the average national price growth for 2018 will stand at 3% in the typical first-time-buyer sector and 2% for second-stepper properties including three bedrooms and four bedrooms except detached four beds. An average fall of 2% is forecast for top ladder properties including four bedroom detached and all properties with five bedrooms or more.
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The price growth slowdown is contributed to the increasingly stretched buyer affordability, tighter lending criteria, increased stamp duty for second home-owners and the slowdown in the higher-end markets such as London.

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Overview for London

The price of London property coming to market is down overall by 1.8%.  Rightmove predicts a further average fall of 2% in new seller asking prices in 2018.
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First time buyer sector was the most resilient London property area in 2017 and that trend will continue in the next year. On the other hand, top of the ladder property prices are very likely to fall further in 2018: a 4% drop in the average price of property coming to market in London is forecast by Rightmove.
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Miles Shipside, Rightmove director and housing market analyst comments: “We do not foresee any overall pick-up in new sellers’ pricing power in 2018 compared to this year, and in fact a slight deterioration is more likely given that the current challenges remain largely unchanged. Economic and political uncertainty tend to weigh more heavily on the capital given the substantial number of residents involved either directly or indirectly, and given the substantial costs of moving up to the middle or higher echelons of the housing ladder, many buyers hang back unless presented with a bargain. We forecast that the lower and middle sectors of the market will continue to outperform the upper with typical first-time-buyer sector properties showing the most price resilience as buyers move quickly to secure the savings.”
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Average asking prices London

​The index monitors changes in house prices both annually and monthly, providing a comprehensive view on the current state of the property market in England and Wales. The index is based on circa 90% of newly marketed property advertised on Rightmove.



See the full report here: Rightmove House Price Index December 2017

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