The housing market is now ‘as price sensitive as its been since before the pandemic’
The Rightmove House Price Index is a widely-used measure of the UK housing market, and its latest report has sparked a range of reactions from the property industry. The report, which is released every month, provides an overview of the current state of the housing market, including average house prices, the number of properties for sale, and the number of sales agreed.
The latest report showed that average house prices had risen by 1.2% in the month of August, and that the number of properties for sale had dropped by 4.8%. This news has been welcomed by many in the property industry, who believe that it is a sign that the market is stabilising after a period of uncertainty caused by Brexit.
However, not everyone is so optimistic. Some commentators have warned that the rise in house prices could be a sign of an overheating market, and that this could lead to a crash in prices in the near future. They point to the fact that the number of sales agreed has fallen by 2.2%, suggesting that buyers are becoming increasingly cautious.
Meanwhile, some industry experts have suggested that the rise in house prices could be due to a lack of supply rather than an increase in demand. They point to the fact that the number of properties for sale has dropped significantly over the past year, and that this could be causing prices to rise.
Overall, the Rightmove House Price Index has sparked a range of reactions from the property industry. While some see it as a sign of a stabilising market, others are more cautious and believe that it could be a sign of an overheating market. It remains to be seen how the market will develop in the coming months, but it is clear that the Rightmove House Price Index will continue to be closely watched by those in the property industry.