Market picks up after slow start

The UK property market began to pick up in January, following a poor start.

That is according to the latest Rightmove house price index, which shows that overall prices fell by 0.8 per cent month-on-month.

Much of the decline in property value has been blamed on the introduction of Home information packs (Hips), which were expanded to include one and two-bedroom homes midway through December.

Rightmove is confident that the market will continue to improve and said that the slight fall in the month is good news for first time buyers.

"Some homebuyers are now able to find properties that have fallen into their affordability zone, and are bagging what they see as bargains against previous prices," said Miles Shipside from the firm.

"Some properties have had their prices dropped by ten per cent or more and are now within reach, satisfying some of the pent-up demand from previously disenfranchised buyers.

"Enough sellers seem to have dropped their prices to encourage potential buyers to look in larger numbers, suggesting we might see a more active market at this lower price level," he added.

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