UK property asking prices rose by just £14 in February, weakest gain on record, Rightmove reports, with sellers ‘more realistic’ about what property is worth
In the City, shares in retail group Frasers are leading the FTSE 100 risers after it announced a new sharebuyback programme this morning.
Frasers, which owns Sports Direct, plans to spend up to £80m buying back its stock.
“This month, we have so far seen a 17% uplift in viewings and 14% decrease in withdrawals. This shows us that there are currently fewer window shoppers and the buyers who are entering the market are more serious about closing a deal.
For the remainder of February, as mortgage products have already come down, we expect to see more buyers wanting to capitalise on favourable rates before we enter the spring market which is expected to get more competitive due to pent-up demand.”
“The six weeks since Christmas have been markedly different from the chaotic final three months of last year for the UK property market.
Buyers and sellers switched off early for the holidays due to the volatility caused by the mini Budget but have come back surprisingly strongly in 2023. The crucial difference is stability in the mortgage market, which means plans have been reactivated.