London Daily

Focus on the big picture.
Monday, Jun 02, 2025

UK property asking prices show weakest February gain on record: Rightmove

UK property asking prices show weakest February gain on record: Rightmove

Average asking prices for British residential property rose by just 14 pounds ($17) in February from January, the smallest rise on record for a month which normally sees a big seasonal increase, data from property website Rightmove showed on Monday.
Rightmove said the minimal increase - effectively zero in percentage terms - suggested that property sellers were heeding advice to price their homes realistically in order to sell them into a market which has slowed sharply in recent months.

Tim Bannister, Rightmove's director of property science, said asking prices usually rose at this time of the year, which marks the start of 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," he said.

The monthly change - which is not seasonally adjusted - was the smallest January to February move since Rightmove's records started in 2001. Compared with a year earlier, asking prices were still 3.9% higher.

At the start of February, mortgage lender Nationwide Building Society reported the longest run of monthly falls in selling prices since the global financial crisis.

Asking prices remaining flat on the month, rather than falling, could be a positive sign for the housing market, suggesting a softer landing than many analysts have forecast, Rightmove said.

Economists polled by Reuters in November forecast prices would fall by 5% this year, while analysts at Japanese bank Nomura predicted last month that there would be a 15% decline by mid-2024.

Rightmove said there had been some recovery in demand since late 2022, when mortgage rates soared following former prime minister Liz Truss's "mini-budget".

Buyer demand was up by 11% in the first two weeks of February compared with the same period in 2019.

The number of sales agreed was down 11% on pre-pandemic levels, compared with a 30% crash just after the mini-budget.

British house prices had risen by more than a quarter since the start of the COVID-19 pandemic, mirroring a trend in other rich economies which reflected ultra-low interest rates and a greater desire for living space during lockdowns.

Since December 2021, British interest rates have risen steeply. The Bank of England raised interest rates from 3.5% to 4% this month to tame double-digit inflation, and markets expect the main rate to peak at 4.5% in June.

"The frantic market of recent years was unsustainable in the long term, and our key indicators now point to a market which is transitioning towards a more normal level of activity after the market turbulence at the end of last year," Bannister said.

($1 = 0.8363 pounds)
Newsletter

Related Articles

0:00
0:00
Close
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Trump Threatens 25% Tariff on iPhones Amid Dispute with Apple CEO
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
Liverpool Car Ramming Incident Leaves Multiple Injured
Australia Faces Immigration Debate Following Labor Party Victory
×