A bigger co-buying choice but still less brick for your buck

Least that’s what the latest house price survey has identified. With an asking price rise reported of 3.2% for the month to February 9, though co-buyers interested in shared ownership property solution are again faced with increasing prices, the upside is property is staying on the market longer giving co-buyers a bigger choice. Or it it?

The latest house price survey published by Rightmove reported that February’s house pricing seemed to have bucked the predicted trend reporting an average price increase of 3.2% for the month through to February 9th. Adding another £7,428 on to the price of the average house (which has now reached a reported asking price of £237,856) it was also reported that property is taking on average an extra 15 days to sell.

Where previously recorded figures have identified an average 54 properties per agents books, the increase in sales lead time has now pushed this to 64 adding just over 20% more stock choice. Though offering an increased portfolio which in turn allows prospective co-buyers a high level of market choice when seeking a shared ownership property the increase in prices again limits considerably their financial co-buying stretch.

It was however pointed out by Rightmoves' commercial director Mike Shipside who was quoted as saying that February historically delivers an upturn in pricing driven in part by agents keen to get new property on their books. This in tune also leads them to give higher price valuations (which their average asking price is based on) to encourage market activity. Rightmove also identified by conducting an analysis on available properties that there was still a shortage on 1 and 2 bed properties and the price translation was being driven by larger, higher priced properties coming to the market.

Looking at the Land Registry prices which records actual sales values, the rice of the average house is now sitting at £184,469. This is still a push for those on the average salary and even with two co-buyers would still be a high price to pay for a first time buyer or key worker shared ownership property solution.

The UK Land Registry can be found here

Posted by Mark on 18/02/2008

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