UK property prices are stagnating, raising hopes for a softer landing for the property market – Live Deals | Business

Introduction: The average price of a home rose by just £14 in February

Good morning and welcome to our ongoing coverage of business, financial markets and the world economy.

UK house prices have remained stagnant this month, despite a pick-up in buyer demand, as the break after mini-budget chaos wears off.

The average asking price for a home increased by just £14 month-on-month in February, according to property website Rightmove this morning.

That’s the smallest increase recorded between January and February since Rightmove records began in 2001.

More sellers are “taking advice from their agents to price right the first time” and being more realistic about their property’s value, says Rightmove.

A growing number of buyers are returning to the market as mortgage rates fall, it reports, with the number of potential buyers contacting agents up 11% in the past two weeks compared to the same period in 2019.

On an annual basis, asking prices were 3.9% higher year-on-year in February, down from 9.3%/year in July.

Today’s report shows:

• The number of pre-sales continues to recover and is now just 11% below 2019 levels, recovering from a 15% drop at the start of the year and a 30% drop after the mini-budget

• Average rates for a five-year fixed mortgage with a 15% deposit are now 4.82%, down from 5.90% in October

Although the real estate market has slowed down, 2023 has started “much better than many expected”, reckons Rightmove. This could be a sign that the market will experience a “softer landing” than many expected, the company says.

Tim Bannister, move to the rightThe estate science director says:

The big question this month was whether we would see new sellers raising their asking prices, as has been the annual norm as we approach the spring selling season. This month’s steady average asking price indicates that many sellers are breaking with tradition and showing an unseasonably early price constraint.

In addition to market conditions that demand greater realism in pricing, we are transitioning to a slower paced market where buyers will take longer to find the right property at the right price due to the higher cost of mortgage service.

There are other indicators that this will be a smoother rather than a difficult transition despite the turmoil towards the end of 2022.

Homeowners coming to market next spring should use their agent’s expertise and get the price right the first time, which can really help find the right buyer faster.

Building society data halifax showed that prices paid for homes were flat in February after falling in the previous three months.

At the end of last year, economists were predicting that prices would fall between 5% and 12% in 2023, although the worst case scenario could mean a 15% to 20% drop, they warned.

also arriving today

Britain’s retail crisis has claimed nearly 15,000 jobs since January in what one leading retail expert called “a brutal start to the year”.

According to figures compiled by the Retail Research Center (CRR)14,874 jobs were cut on high streets and major shopping destinations during January and February.

Most of the jobs lost – 11,689 – are due to cost-cutting programs at major retailers, with 3,185 jobs being lost due to insolvency proceedings.

National retailers including stationery brand Paperchase, clothing chain M&Co and Tile Giant have all gone bankrupt in recent weeks, while discount retailer Wilko, clothing retailer New Look and supermarkets Tesco and Asda have also announced job cuts, my colleague Joan Partridge explain.

More here:

Germany’s central bank, the Bundesbank, releases its latest economic assessment this morning… we also get the latest consumer confidence report and a health check on European homebuilders.

European stock markets are set to start the new week with small gains as Wall Street is closed for President’s Day.

European Opening Calls:#FTSE 8023 +0.23%#DAX 15534 +0.34%#CAC 7374 +0.36%#AEX 766 +0.17%#MIB 27840 +0.32%#IBEX 9362 +0.31%#OMX 2256 +0.28%#SMI 11292 +0.32%#STOXX 4290 +0.34%#IGOpeningCall

— IGSquawk (@IGSquawk) February 20, 2023

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the agenda

• 8am GMT: China’s FDI (Foreign Direct Investment) Data for January

• 9.30 am GMT: Impact of rising cost of living on adults in Britain: September 2022 to January 2023

• 10:00 GMT: Eurozone construction results report

• 11:00 GMT: German Bundesbank monthly report

• 15:00 GMT: Eurozone Consumer Confidence Report

Demand from first-time buyers could be holding the UK housing market up.

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Rightmove reports that sales in the first-time buyer sector held up most strongly in the first half of February, and were only 7% lower than in 2019 – while the wider market was 11% lower than three years ago.

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But sales at the top of the housing ladder are rather weaker, down 16% in the first two weeks of February compared with the same time in 2019.

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High and increasing rents may be driving first-time buyers to complete deals, although interest rate increases mean mortgages cost more than a year ago.

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Rightmove’s Tim Bannister says:

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Agents are reporting that they are now increasingly seeing buyers who have more confidence and more choice albeit with revised budgets to accommodate higher mortgage rates.

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It’s a positive sign for the market to see many in the first-time buyer sector getting on with their moves, though despite average mortgage rates having edged down, some first-time buyers will still be priced out of their original plans and may need to look for a cheaper property, save a bigger deposit, or factor higher monthly mortgage repayments into their budgets.

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

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UK house prices remained stagnant this month, despite a rebound in demand from buyers as the disruption following the mini-budget chaos fades.

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The average asking price for a home increased by just £14 month-on-month in February, according to property website Rightmove this morning.

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That’s the smallest increase recorded between January and February since Rightmove’s records began in 2001.

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More sellers are “heeding their agents’ advice to price right first time” and being more realistic about what their property is worth, Rightmove says.

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Increasing numbers of buyers are returning to the market as mortgage rates fall back, it reports, with the number of potential buyers contacting agents is up by 11% in the last two weeks compared with the same period in 2019.

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On an annual basis, asking prices were 3.9% higher than a year ago in February, down from 9.3%/year in July.

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Today’s report shows:

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• The number of sales agreed continues to rebound, and is now just 11% down on 2019’s levels, recovering from 15% down at the start of the year, and 30% down in the aftermath of the mini-budget

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• Average rates for a 15% deposit five-year fixed mortgage are now 4.82%, down from October’s 5.90%

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“,”elementId”:”d08e1932-3b15-4361-8d0a-bddb5b3436be”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Although the housing market has slowed, it has started 2023 “much better than many expected”, Rightmove reckons. That could be a sign that the market will experience a “softer landing” than many expected, the company says.

“,”elementId”:”0eb90191-50f3-4512-b261-33a5cec339ce”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Tim Bannister, Rightmove’s Director of Property Science says:

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The big question this month was whether we would see new sellers increasing their asking prices as has been the yearly norm as we approach the spring selling season. This month’s flat average asking price indicates that many sellers are breaking with tradition and showing unseasonal initial pricing restraint.

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In addition to market conditions demanding greater realism on price, we are transitioning into a slower paced market, where buyers will take longer to find the right property at the right price due to the higher cost of servicing a mortgage.

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There are other indicators that this will be a softer rather than a hard transition despite the turbulence at the end of 2022.

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Homeowners who are coming to market in the upcoming spring season should use their agent’s expertise and get the price right the first time , which can really help to find the right buyer more quickly.

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“,”elementId”:”18ee61ce-f0d3-4069-a1ca-ae536f5ca98e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Data from building society Halifax has shown that prices paid for houses were flat in February, after falling for the previous three months.

“,”elementId”:”53249eae-7168-477a-b01b-8f8d501eaad5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

At the end of last year, economists predicted that prices will fall by between 5% and 12% in 2023, although a worst-case scenario could mean a crash of 15% to 20%, they warned.

“,”elementId”:”46fa349a-2e86-4577-9938-b16b876093fa”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2022/dec/26/experts-predict-housing-market-will-cool-in-2023-as-uk-enters-a-recession”,”text”:”Experts predict housing market will cool in 2023 as UK enters a recession”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”88d6d227-ee05-45e2-8241-aa15e6439458″},{“_type”:”model.dotcomrendering.pageElements.SubheadingBlockElement”,”html”:”

Also coming up today

“,”elementId”:”c3b81086-0cc5-418c-a346-456acf903124″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Britain’s retail crisis has claimed almost 15,000 jobs since January, in what one leading retail expert called “a brutal start to the year”.

“,”elementId”:”953999c0-c18e-49e5-8bd9-6fcf15829881″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

According to figures compiled by the Centre for Retail Research (CRR), 14,874 jobs have been cut from high streets and top shopping destinations during January and February.

“,”elementId”:”5ed54dcc-ca23-488e-bfff-4472b3e87d66″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Most of the jobs being shed — 11,689 — are due to cost-cutting progrmmes at large retailers, with 3,185 jobs are being lost through insolvency procedures.

“,”elementId”:”715ec807-4434-406b-80bc-b7299bb853ea”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

National retailers including stationery brand Paperchase, clothing chain M&Co and Tile Giant have all gone bust in recent weeks, while discount retailer Wilko, clothing retailer New Look and supermarkets Tesco and Asda have all also announced job cuts, my colleague Joanna Partridge explains.

“,”elementId”:”b069bd61-75ce-4a6a-a5c7-a218acda65e7″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

More here:

“,”elementId”:”70206df7-435b-4a6a-82e0-0db4aad8b4fe”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2023/feb/20/loss-of-nearly-15000-uk-retail-jobs-a-brutal-start-to-2023-report-says”,”text”:”Loss of nearly 15,000 UK retail jobs a ‘brutal start to 2023’, report says”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”9e8d284b-0494-4dcc-9283-0065be602393″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Germany’s central bank, the Bundesbank, releases its latest economic assessment this morning… we also get the latest consumer confidence report, and a healthcheck on European building firms.

“,”elementId”:”f2f9c49e-4119-4f74-8b64-8b547dd86d9c”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

European stock markets are set to begin the new week with small gains, while Wall Street is closed for President’s Day.

“,”elementId”:”d8bd81b6-57d6-4df5-b720-05d681a2e5c8″},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

European Opening Calls:#FTSE 8023 +0.23%#DAX 15534 +0.34%#CAC 7374 +0.36%#AEX 766 +0.17%#MIB 27840 +0.32%#IBEX 9362 +0.31%#OMX 2256 +0.28%#SMI 11292 +0.32%#STOXX 4290 +0.34%#IGOpeningCall

— IGSquawk (@IGSquawk) February 20, 2023

\n”,”url”:”https://twitter.com/IGSquawk/status/1627536349871083521″,”id”:”1627536349871083521″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”91f7099c-9692-48c7-ab8a-63a1c42248de”},{“_type”:”model.dotcomrendering.pageElements.SubheadingBlockElement”,”html”:”

The agenda

“,”elementId”:”7b138e67-22ba-4d95-a1fd-f42b212dbdb8″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

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• 8am GMT: China FDI (foreign direct investment) data for January

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• 9.30am GMT: Impact of increased cost of living on adults across Great Britain: September 2022 to January 2023

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• 10am GMT: Eurozone construction output report

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• 11am GMT: German Bundesbank’s monthly report

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• 3pm GMT: Eurozone consumer confidence report

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main events

Demand from first-time buyers could be holding the UK housing market up.

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Rightmove reports that sales in the first-time buyer sector held up most strongly in the first half of February, and were only 7% lower than in 2019 – while the wider market was 11% lower than three years ago.

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But sales at the top of the housing ladder are rather weaker, down 16% in the first two weeks of February compared with the same time in 2019.

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High and increasing rents may be driving first-time buyers to complete deals, although interest rate increases mean mortgages cost more than a year ago.

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Rightmove’s Tim Bannister says:

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Agents are reporting that they are now increasingly seeing buyers who have more confidence and more choice albeit with revised budgets to accommodate higher mortgage rates.

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It’s a positive sign for the market to see many in the first-time buyer sector getting on with their moves, though despite average mortgage rates having edged down, some first-time buyers will still be priced out of their original plans and may need to look for a cheaper property, save a bigger deposit, or factor higher monthly mortgage repayments into their budgets.

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

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UK house prices remained stagnant this month, despite a rebound in demand from buyers as the disruption following the mini-budget chaos fades.

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The average asking price for a home increased by just £14 month-on-month in February, according to property website Rightmove this morning.

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That’s the smallest increase recorded between January and February since Rightmove’s records began in 2001.

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More sellers are “heeding their agents’ advice to price right first time” and being more realistic about what their property is worth, Rightmove says.

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Increasing numbers of buyers are returning to the market as mortgage rates fall back, it reports, with the number of potential buyers contacting agents is up by 11% in the last two weeks compared with the same period in 2019.

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On an annual basis, asking prices were 3.9% higher than a year ago in February, down from 9.3%/year in July.

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Today’s report shows:

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• The number of sales agreed continues to rebound, and is now just 11% down on 2019’s levels, recovering from 15% down at the start of the year, and 30% down in the aftermath of the mini-budget

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• Average rates for a 15% deposit five-year fixed mortgage are now 4.82%, down from October’s 5.90%

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“,”elementId”:”d08e1932-3b15-4361-8d0a-bddb5b3436be”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Although the housing market has slowed, it has started 2023 “much better than many expected”, Rightmove reckons. That could be a sign that the market will experience a “softer landing” than many expected, the company says.

“,”elementId”:”0eb90191-50f3-4512-b261-33a5cec339ce”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Tim Bannister, Rightmove’s Director of Property Science says:

“,”elementId”:”640fc891-3533-448f-ae95-87b85e8230de”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”

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The big question this month was whether we would see new sellers increasing their asking prices as has been the yearly norm as we approach the spring selling season. This month’s flat average asking price indicates that many sellers are breaking with tradition and showing unseasonal initial pricing restraint.

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In addition to market conditions demanding greater realism on price, we are transitioning into a slower paced market, where buyers will take longer to find the right property at the right price due to the higher cost of servicing a mortgage.

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There are other indicators that this will be a softer rather than a hard transition despite the turbulence at the end of 2022.

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Homeowners who are coming to market in the upcoming spring season should use their agent’s expertise and get the price right the first time , which can really help to find the right buyer more quickly.

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“,”elementId”:”18ee61ce-f0d3-4069-a1ca-ae536f5ca98e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Data from building society Halifax has shown that prices paid for houses were flat in February, after falling for the previous three months.

“,”elementId”:”53249eae-7168-477a-b01b-8f8d501eaad5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

At the end of last year, economists predicted that prices will fall by between 5% and 12% in 2023, although a worst-case scenario could mean a crash of 15% to 20%, they warned.

“,”elementId”:”46fa349a-2e86-4577-9938-b16b876093fa”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2022/dec/26/experts-predict-housing-market-will-cool-in-2023-as-uk-enters-a-recession”,”text”:”Experts predict housing market will cool in 2023 as UK enters a recession”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”88d6d227-ee05-45e2-8241-aa15e6439458″},{“_type”:”model.dotcomrendering.pageElements.SubheadingBlockElement”,”html”:”

Also coming up today

“,”elementId”:”c3b81086-0cc5-418c-a346-456acf903124″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Britain’s retail crisis has claimed almost 15,000 jobs since January, in what one leading retail expert called “a brutal start to the year”.

“,”elementId”:”953999c0-c18e-49e5-8bd9-6fcf15829881″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

According to figures compiled by the Centre for Retail Research (CRR), 14,874 jobs have been cut from high streets and top shopping destinations during January and February.

“,”elementId”:”5ed54dcc-ca23-488e-bfff-4472b3e87d66″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Most of the jobs being shed — 11,689 — are due to cost-cutting progrmmes at large retailers, with 3,185 jobs are being lost through insolvency procedures.

“,”elementId”:”715ec807-4434-406b-80bc-b7299bb853ea”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

National retailers including stationery brand Paperchase, clothing chain M&Co and Tile Giant have all gone bust in recent weeks, while discount retailer Wilko, clothing retailer New Look and supermarkets Tesco and Asda have all also announced job cuts, my colleague Joanna Partridge explains.

“,”elementId”:”b069bd61-75ce-4a6a-a5c7-a218acda65e7″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

More here:

“,”elementId”:”70206df7-435b-4a6a-82e0-0db4aad8b4fe”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2023/feb/20/loss-of-nearly-15000-uk-retail-jobs-a-brutal-start-to-2023-report-says”,”text”:”Loss of nearly 15,000 UK retail jobs a ‘brutal start to 2023’, report says”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”9e8d284b-0494-4dcc-9283-0065be602393″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

Germany’s central bank, the Bundesbank, releases its latest economic assessment this morning… we also get the latest consumer confidence report, and a healthcheck on European building firms.

“,”elementId”:”f2f9c49e-4119-4f74-8b64-8b547dd86d9c”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

European stock markets are set to begin the new week with small gains, while Wall Street is closed for President’s Day.

“,”elementId”:”d8bd81b6-57d6-4df5-b720-05d681a2e5c8″},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”

European Opening Calls:#FTSE 8023 +0.23%#DAX 15534 +0.34%#CAC 7374 +0.36%#AEX 766 +0.17%#MIB 27840 +0.32%#IBEX 9362 +0.31%#OMX 2256 +0.28%#SMI 11292 +0.32%#STOXX 4290 +0.34%#IGOpeningCall

— IGSquawk (@IGSquawk) February 20, 2023

\n”,”url”:”https://twitter.com/IGSquawk/status/1627536349871083521″,”id”:”1627536349871083521″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”91f7099c-9692-48c7-ab8a-63a1c42248de”},{“_type”:”model.dotcomrendering.pageElements.SubheadingBlockElement”,”html”:”

The agenda

“,”elementId”:”7b138e67-22ba-4d95-a1fd-f42b212dbdb8″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”

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• 8am GMT: China FDI (foreign direct investment) data for January

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• 9.30am GMT: Impact of increased cost of living on adults across Great Britain: September 2022 to January 2023

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• 10am GMT: Eurozone construction output report

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• 11am GMT: German Bundesbank’s monthly report

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• 3pm GMT: Eurozone consumer confidence report

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The Rightmove report also shows how affordability of homes has deteriorated over the past year, making it even harder to climb the housing ladder:

Bloomberg reported last week that housing affordability is the worst since 1876 (based on the difference between wages and house prices), as calculated by Duncan Lamont at Schroders (details here).

Introduction: The average price of a home rose by just £14 in February

Good morning and welcome to our ongoing coverage of business, financial markets and the world economy.

UK house prices have remained stagnant this month, despite a pick-up in buyer demand, as the break after mini-budget chaos wears off.

The average asking price for a home increased by just £14 month-on-month in February, according to property website Rightmove this morning.

That’s the smallest increase recorded between January and February since Rightmove records began in 2001.

More sellers are “taking advice from their agents to price right the first time” and being more realistic about their property’s value, says Rightmove.

A growing number of buyers are returning to the market as mortgage rates fall, it reports, with the number of potential buyers contacting agents up 11% in the past two weeks compared to the same period in 2019.

On an annual basis, asking prices were 3.9% higher year-on-year in February, down from 9.3%/year in July.

Today’s report shows:

• The number of pre-sales continues to recover and is now just 11% below 2019 levels, recovering from a 15% drop at the start of the year and a 30% drop after the mini-budget

• Average rates for a five-year fixed mortgage with a 15% deposit are now 4.82%, down from 5.90% in October

Although the real estate market has slowed down, 2023 has started “much better than many expected”, reckons Rightmove. This could be a sign that the market will experience a “softer landing” than many expected, the company says.

Tim Bannister, move to the rightThe estate science director says:

The big question this month was whether we would see new sellers raising their asking prices, as has been the annual norm as we approach the spring selling season. This month’s fixed average asking price indicates that many sellers are breaking with tradition and showing an unseasonable starting price constraint.

In addition to market conditions that demand greater realism in pricing, we are transitioning to a slower paced market where buyers will take longer to find the right property at the right price due to the higher cost of maintaining a mortgage.

There are other indicators that this will be a smoother rather than a difficult transition despite the turmoil towards the end of 2022.

Homeowners coming to market next spring should use their agent’s expertise and get the price right the first time, which can really help find the right buyer faster.

Building society data halifax showed that prices paid for homes were flat in February after falling in the previous three months.

At the end of last year, economists were predicting that prices would fall between 5% and 12% in 2023, although the worst case scenario could mean a 15% to 20% drop, they warned.

also arriving today

Britain’s retail crisis has claimed nearly 15,000 jobs since January in what one leading retail expert called “a brutal start to the year”.

According to figures compiled by the Retail Research Center (CRR)14,874 jobs were cut on high streets and major shopping destinations during January and February.

Most of the jobs lost – 11,689 – are due to cost-cutting programs at major retailers, with 3,185 jobs being lost due to insolvency proceedings.

National retailers including stationery brand Paperchase, clothing chain M&Co and Tile Giant have all gone bankrupt in recent weeks, while discount retailer Wilko, clothing retailer New Look and supermarkets Tesco and Asda have also announced job cuts, my colleague Joan Partridge explain.

More here:

Germany’s central bank, the Bundesbank, releases its latest economic assessment this morning… we also get the latest consumer confidence report and a health check on European homebuilders.

European stock markets are set to start the new week with small gains as Wall Street is closed for President’s Day.

European Opening Calls:#FTSE 8023 +0.23%#DAX 15534 +0.34%#CAC 7374 +0.36%#AEX 766 +0.17%#MIB 27840 +0.32%#IBEX 9362 +0.31%#OMX 2256 +0.28%#SMI 11292 +0.32%#STOXX 4290 +0.34%#IGOpeningCall

— IGSquawk (@IGSquawk) February 20, 2023

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the agenda

• 8am GMT: China’s FDI (Foreign Direct Investment) Data for January

• 9.30 am GMT: Impact of rising cost of living on adults in Britain: September 2022 to January 2023

• 10:00 GMT: Eurozone construction results report

• 11:00 GMT: German Bundesbank monthly report

• 15:00 GMT: Eurozone Consumer Confidence Report