House Price Index - June 2018

The shrink of housing stock in the North drives house prices to a new national record. 

We took a look at Rightmove's house price index and here's what we found.

The house prices of newly marketed properties continue to rise with a 0.4% (+£1,364) increase for a third consecutive month in the UK. A strong number of sales across the country concludes the Spring market, overall sales are down 2.0% on May 2017 and are up by 5.4% on May 2016. 

However, market conditions differ between the North and the South. Strong buyer activity in the North has shrunk stock levels significantly by an average of 4.3% compared to a year ago, which ultimately restricts buyer choice and gives vendors the power to boost the prices of their properties. In the South there has been much less buying activity which boosts their stock by an average of 17.5% compared to a year ago. 

Looking at the North East specifically, the average house price is £149,098 and the average time on the market is 74 days.