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Sprightly Start to 2013 but 'Old Hands' Support the Market



          Sprightly Start to 2013 but 'Old Hands' Support the Market

  PR Newswire

  LONDON, February 18, 2013

LONDON, February 18, 2013 /PRNewswire/ --

Rightmove's February House Price Index finds that there are signs of
improvement in the health of the property market. At £235,741 the average
property asking price is the second highest ever seen in the month of
February, just £2,115 shy of the February record set in 2008 prior to the
collapse of Lehman Brothers. There are also encouraging signs of life among
home-movers too as the Rightmove website recorded its busiest ever month in
January. However, Rightmove research indicates that those most likely to buy
and sell in 2013 are the 'old hands' with greater access to equity and
finance, who have the confidence and the will to move.

Miles Shipside, director and housing market analyst at Rightmove comments:
"There has been a sprightly start to 2013 and, while market activity remains
patchy across locations and property type, some estate agents are reporting
their busiest new year since the onset of the credit-crunch. While
encouraging, it's far too early to pop the champagne corks as certain sectors
will remain on ice until the return of wider-spread mortgage availability.
However, our research suggests that with age comes experience and, more
importantly, equity, and it's these old hands that seem most confident to plan
a move this year."

With the proportion of those intending to buy for the first-time making up
just 22% of all prospective buyers in 2013, the main activity is concentrated
on those who have bought before. 29% state they are buying for the second
time, while for 49% this will be at least their third purchase. Among sellers,
the two most active age ranges are the 45 to 54 bracket - making up 25% of
those planning to put their properties on the market in 2013 - and the 55 to
64 year olds who add another 30%. Those aged over 65 contribute a further 16%,
leaving just 29% of intending sellers aged under 45.

Shipside adds: "The experienced 'old hands' who have built up equity through
previous properties are at an advantage as they can raise the substantial
deposits required by lenders. Those who bought thirty to forty years ago
reaped the rewards of several price booms and many are now of an age where
they wish to downsize, release equity and reduce their outgoings."

Contact:Rightmove Press Office press@rightmove.co.uk +44-(0)20-7087-0700
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