UK Home Asking Prices Hit Record High

The latest Rightmove House Price Index released today reports that UK home asking prices hit a record as properties sell at fastest pace ever seen!  Rightmove say that national average UK home asking prices coming to the market hit a new all-time high of £327,797 following a 2.1%, a +£6,733 increase.  This data comes from 144,737 measured asking prices this month nationally (around 95% of the UK market). The properties were put on sale by estate agents from 7th March to 10th April 2021 and advertised on Rightmove.co.uk.

Whilst there were 145,000 new properties listed, the Rightmove portal says this was not enough to meet demand and that sales agreed were up by 55% on the same period two years ago.  This ‘buying frenzy’ has brought the number of properties available to buy to the lowest proportion ever recorded by the portal.  With more than two billion minutes spent by people browsing Rightmove in one month, they predict that even with government economic measures ending, ‘robust’ activity is expected to continue for the rest of 2021.  Strong UK home asking prices is, of course, all good news for this of us in the property industry!

“This is only the second time over the past five years that prices have increased by over 2% in a month, so it’s a big jump…”

UK Home Prices Rare 2% Jump

Tim Bannister, Rightmove’s Director of Property Data, comments on UK house prices:

“This is only the second time over the past five years that prices have increased by over 2% in a month, so it’s a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population’s movements and activities.  The property market has remained fully open, and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all time high.  The stars have aligned for this spring price surge, with buyers’ new space requirements being part of the constellation alongside cheap mortgages, stamp duty holiday extensions in England and Wales, government support for 95% mortgages and a shortage of suitable property to buy. There’s also growing optimism due to the vaccination roll out, which is helping drive the momentum for a fresh start in fresh surroundings.”

You can read the full Rightmove report here.

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