More than 41% of respondents feel that prices will be around the same level this time next year, though the patchy nature of the current property market, driven by local wealth demographics and supply/demand dynamics, is highlighted by a doubling of those expecting a 10% plus price increase.
While still a modest proportion overall, this figure has jumped
from 3% to 7% in the last quarter and has never been higher. The
number expecting falls in excess of 10% is the lowest Rightmove has
ever recorded in eleven surveys to date, at just 3.2%.
Overall, the proportion expecting prices to be higher in 12 months' time stands at 26.2%, while 26.9% forecast lower prices, again reflecting the mixed picture depending on location
Findings reflect the patchy nature of the current market and how
variables like employment opportunities, wealth demographics and
consumer confidence are impacting local supply
Figuring out your local formula can really help your chances of success in the today's market
However contrasting local opinions of the fair value of property illustrate how patchy activity can be within a mile or two in the same city. Whether you are on the wrong or right side of the tracks depends on whether your area attracts buyers who can raise the necessary deposit to get a mortgage. In a deposit-poor area, your property will have to be well-presented and look like it is under-priced, and if you've achieved both of those, ensure your agent makes it really stand out to increase the odds of finding those scarcer buyers