With average annual house growth at just 0.2% (+£714) annual wage growth of 3.4% is outstripping asking prices at the fastest rate for 8 years, improving buyer affordability.
The latest data from Rightmove shows the average price of newly-marketed homes increased by 0.7% (+£1,981) in February, in line with the previous two years.
Yorkshire & the Humber had the highest annual change at 3.6% with Greater London suffering the biggest fall at -2.1%.
Miles Shipside, Rightmove director and housing market analyst comments: “Longer daylight hours and green shoots appearing in gardens herald the start of the traditionally more buoyant spring market. Sellers’ subdued pricing is now being outstripped by higher average wage growth, meaning that buyer affordability is on the rise at the fastest rate in nearly eight years.”
Nick Leeming, Chairman at Jackson-Stops, comments: “As our uncertain market becomes the ‘new normal’ both buyers and sellers are coming to the conclusion that now is as good a time as any to make a move while interest rates remain relatively low.”