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.
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".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"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.
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