Asking prices for homes at an all-time high for the third month, according to Rightmove Business News

Asking prices for homes hit an all-time high for a third consecutive month, according to Rightmove.

Property rates rose 0.8%, the equivalent of £ 2,509, on average in June 2021, bringing the typical asking price to £ 336,073.

It comes despite figures from the Office for National Statistics (ONS) showing the average UK house price fell by a total of £ 5,000 in April, when the stamp duty holiday was originally scheduled to end .

The ONS House Price Index, however, is based on sales made at the end of the divestiture process rather than the prices that sellers seek to achieve, as used by Rightmove.

Data from Rightmove indicates that there may be a slight slowdown in the pace of the market ahead. House prices rose less in June than in May and April, with an increase of 0.8 percent in June compared with an increase of 1.8 percent and 2.1 percent in May and April respectively.

The latest increase is the biggest recorded increase in house prices for this time of year since 2015, with the Rightmove report suggesting it was driven by people looking to change their lifestyles.

At the same time, the number of sales concluded by real estate agents in May was 17% higher than in the same period of the year in 2019. However, it was slightly lower than the pace recorded in April 2021, which was 45 % higher than in 2019.

Tim Bannister, director of real estate data at Rightmove, explained that this “busy business” will not last forever. He suggested, however, that this could continue for the remainder of 2021.

Mr Bannister said: “Record interest rates and stamp duty relief have helped many people afford higher prices, satisfying their pent-up desires for a new home fit for a new era.

“However, higher prices combined with a lack of fresh choices in the market reduce the ability or desire of some buyers to move, and while we would expect the market to remain robust, there are some early signs. of an incredible slowdown in the pace of activity which we have seen over the past year.

Properties considered to be “upscale” are particularly sought after, with single-family homes and those with four or more bedrooms being particularly sought after. Prices for this type of housing have increased by 12.3% since March 2020.

Homes priced over £ 500,000 saw a 49% increase in the number of agreed sales in May 2021 compared to May 2019.

The location with the biggest increase in house prices was Wales, Rightmove said, where a 14.6% increase has been recorded since March 2020.

Mr Bannister said: “Average prices in Wales are well below the national average, offering good value for money as well as a beautiful rural and coastal environment.

“Buyer demand is up 44% from a year ago, the biggest increase in any part of Britain.”

Matt Barry, Director of Astleys Estate Agents in Swansea, explained: “We now regularly receive offers from multiple buyers per property. This often leads us to ask for the best final offers and homes that are selling well above the original asking price.

Meanwhile, the southwest is also becoming more and more popular with buyers.

Nick Leeming, president of Jackson-Stops, said: “Last month, 18 buyers searched for every listing in our southwestern branches, as towns and villages that were once out of reach of commuters five days a week now feature realistic options. for hybrid or remote workers.

Additional reports by the PA

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This notice was published: 2021-06-21 06:27:55

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