Rightmove ups its house price growth forecast

RIGHTMOVE has doubled its 2013 forecast for house price growth to four per cent after seven consecutive months of gains.

Year-on-year price increases for newly marketed properties rose to 4.8 per cent in July – up £11,561 on this time last year.

Prices rose 0.3 per cent – an average of £860 – since last month, and Rightmove said an “aggregation of marginal gains” had fuelled its optimism.

The property website said there were signs of a broader-based recovery, with all regions’ prices up year-on-year for the first time in nearly three years.

Consumer confidence has also increased. The number of people expecting average prices to be higher in 12 months has doubled from 31 per cent a year ago to 62 per cent now.

Rightmove said it has dealt with five per cent more transactions in the year to date. Meanwhile email enquiries to agents and developers are up 18 per cent on 2012, the number of new sellers has risen by five per cent, mortgage approvals are up by six per cent and it said surveyors are “struggling to cope” with demand.