Britain’s housing market split in two as prices grow faster in the north and south struggles, according to Rightmove
Rigthmove's director also warned that buyers may be distracted by the summer holidays and World Cup
BRITAIN'S housing market is split in two with "challenging" conditions in the south but a more buoyant market in the north.
Overall, house prices went up 0.4 per cent last month to a record high of £309,439, according to Rightmove.
But conditions in the north show that the number of properties for sale has dropped 4.3 per cent compared to a year ago, giving sellers more power to raise prices.
In the south, the number of homes for sale has gone up by an average of 17.5 per cent, compared to the same time last year, meaning there's more pressure on prices.
Rightmove said the annual rate of asking price growth has remained stable, sitting between 1.1 per cent and 2.1 per cent every month so far in 2018.
Asking prices are 1.7 per cent higher on average than a year ago.
Miles Shipside, director of Rightmove, said: "The reduction in property choice for buyers in the north compared to a year ago is a result of property for sale being snapped up, meaning it’s more of a sellers’ market there.
"In marked contrast the jump in buyer choice in all southern regions shows there are signs of a buyers’ market in some areas.
"With the year at mid-point the 2018 summary so far is that the chances of sellers finding a buyer in the northern regions seem to have held up very well against the previous year, but market conditions are clearly more challenging for sellers in much of the southern half of the country.”
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Mr Shipside also said that buyers may be distracted by the summer holidays and World Cup.
He added: Sellers in locations that have seen larger percentage increases in the number of unsold properties will have to price lower than properties they are competing against, as
there are few better tactics than a bargain price to tempt buyers.
"It’s likely to take extra time to sell over the next few months, especially in the southern half of Great Britain."
Last week, we revealed how living near a supermarket can add £21,000 to your house price.
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