Asking prices in housing market show largest monthly jump in over 20 years
Rightmove – which issues its annual figures to shareholders later this week – has released a bullish snapshot of the housing market for February.
It says the asking price of property coming to market has risen by 2.3 per cent this month – that average rise of £7,785 to a record £348,804 is the biggest monthly jump in pounds recorded by Rightmove in more than 20 years.
Prices are now 9.5 per cent higher than a year ago, the highest annual rate of growth since September 2014.
Meanwhile it says there’s been an increase in potential buyers sending enquiries to agents, with the number 16 per cent higher than this time last year.
New property listings are up 11 per cent compared to the same period last year, suggesting more sellers are coming to market before looking for a property to purchase, to avoid missing out on their next home
The number of people requesting a home valuation from an estate agent was up 11 per cent in January compared to last year.
And London has recorded the biggest annual jump in number of buyers sending enquiries of any region, and highest annual rate of price growth since 2016, as the end of pandemic restrictions and a return to the office fuel renewed demand in the capital.
Tim Bannister, Rightmove’s director of property data, comments:
“The data suggests that people are by no means done with their pandemic-driven moves. Such a significant societal event means that even two years on from the start of the pandemic, people are continuing to reconsider their priorities and where they want to live.
“As the final legal restrictions look to be ending soon, and more businesses are encouraging a return to the office for at least part of the week, we now have a group of movers who are looking to return closer to major cities, or at least within comfortable commuting distance of their workplaces.”
The portal says that March is historically the strongest time to sell, with the highest number of buyer enquiries per property for sale. This means that competition between buyers is generally at its strongest in March, providing an opportunity for would-be sellers to have the best chance of selling their home quickly for a good price.
Bannister continues:
“A fear of missing out on one’s dream home is really driving market behaviour at the moment, as movers look to do all that they can to avoid the disappointment of being too slow to secure their ideal property.
“We’re seeing buyers sending more enquiries for available homes than usual, and doing everything that they can to put themselves at the top of the list.
“Setting up instant property alerts, keeping a keen eye on fresh property stock coming to market each day, and acting immediately rather than waiting are other tactics that some successful buyers are using.”
Kindly shared by Estate Agent Today
Main photo courtesy of Pixabay
