House prices UK: Asking prices for First Time Buyers INCREASE in January

The New Year has seen the property market fire off to a great start The report, which provides an insight into asking prices and buyer behaviour, rather than completed transactions, suggests that whilst the market overall has seen a modest monthly increase of 0.7 per cent, entry level properties that would be suitable for First Time Buyers have already seen an uplift of 1.1 per cent in value since the Stamp Duty and Land Tax (SDLT) exemption scheme was announced by the Chancellor in November.

Whilst this had been predicted by many in the property industry, only now is the evidence becoming clear that, in many areas of the UK, sellers are taking advantage of the scheme to ask a premium for properties which might appeal to those hoping to take their first steps on the ladder.

However, although the increase in asking prices of property coming to market this month is very similar to the 0.6 per cent of the same period a year ago, both years are well behind the average monthly rise of 1.9 per cent seen at this time of year in the faster-rising markets from 2013 to 2016.

The good news is that the current market's negative price factors of stretched buyer affordability and uncertain political outlook are counter-balanced to a degree by tight supply of suitable properties for sale with average overall number of homes on sale per estate agency branch holding steady at 42 properties, the same as a year ago.