The UK Property Market continues its Extraordinary Growth

The UK Property Market continues its Extraordinary Growth

Rightmove’s latest report has laid out some incredible findings as the average price of property coming to market increased by 1.1% (+£3,534) this month, to an all-time national record of £323,530. This is an astonishing 5.5% higher than a year ago.

This surge has much to do with the pent-up demand in the property market during the lockdown and Rightmove forecasts that the annual rate of increase will in fact rise to 7% before year-end.

Tim bannister, Rightmove’s Director of property data, commenting on these figures said: “Many buyers seem willing to pay record prices for properties that fit their changed post-lockdown needs, though agents are commenting that some owners’ price expectations are now getting too optimistic, and not all properties fit the must-have template that buyers are now seeking.

“Not only is the time left to sell and legally complete before the 31st March stamp duty deadline being eaten away by the calendar, but more time is also needed because the sheer volume of sales is making it take longer for sales that have been agreed to complete the process.

“Sellers and their agents should therefore be wary of being too optimistic on their initial asking price, as whilst activity levels continue to amaze there are some signs of momentum easing off from these unprecedented levels.”

September v October Summary