House prices continue to reach record highs as market experiences biggest ever monthly price jump

The prices of properties coming to market have risen by an incredible 2.3% (+£7,785) this month to a record average of £384,804 – the highest price recorded by Rightmove in over 20 years – and 9.5% higher than the previous year, the highest annual growth for over eight years.

As the second month of the year proves to be stronger than the first, the average house prices across the UK have risen to a staggering £348,804, meaning that average house prices have risen by nearly £40,000 in the two years since the start of the pandemic – compared to the increase of just £9,000 in the two years previous. As more buyers continue to compete in the already competitive market that is severely undersupplied with stock, more potential buyers are enquiring on properties compared to last year in an attempt to beat the crowd, causing buyer demand to increase 16% higher than this time in 2021. Additionally, the average amount of days to secure a buyer for a property is now just 44 days.

“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. High demand and a shortage of available stock are supporting a rise in prices and a new record average asking price this month.” Tim Bannister, Rightmove’s Director of Property Data.

As the demand within city centres continues to increase, Rightmove have reported seeing buyers sending enquiries for more properties than usual and doing everything they can to be at the top of the list when purchasing and acting immediately to secure their property.

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