Price of property falls slightly in January

Halifax House Price Index

The average price of property coming to market in January fell by 0.9% (-£2,887), standing at £317,058, research from Rightmove has found.

However, activity still seems strong. Visits to Rightmove are up by 33% year-on-year, the number of buyers contacting agents is up by 12% and the number of sales agreed is up by 9%.

Tomer Aboody, director of property lender MT Finance, said: “The stamp duty holiday may be coming to an end but money is still cheap.

“Mortgage pricing is at its lowest level and borrowers remain keen to take advantage of lenders’ liquidity and willingness to lend at high loan-to-values.

“Buyers are further encouraged by sellers who are being more realistic in their asking prices or at least willing to negotiate.

“The buzz of the market will remain until the sad reality of the true state of the economy becomes apparent, when much of the stimulus provided by the government comes to an end.

“A slowdown in sales is also inevitable due to the lockdown, with buyers and sellers not as comfortable viewing or allowing people into their homes.

“Online viewings are great in as far as they go, but will never better the experience of physically seeing a property and getting those butterflies when you find the right one.”