According to Rightmove, the average national asking price of properties has risen by 0.3% (+£1,091) this month, hitting a new record of £338,462, as announced in their latest House Price Index earlier this week.
Despite the expectation of the market cooling throughout the summer period, competition between buyers remains strong for the last few properties available on the market, with buyer demand per property now hitting more than double that of pre-pandemic levels. As we enter into the busy autumn period, there is new evidence of more properties coming to market throughout this period, which will help balance out buyers’ supply and demand and maintain the high house prices we’ve seen as we enter into 2022.
“The high ratio of buyer demand to properties for sale means that the property market remains stock-starved despite the summer lull lessening overall activity. Competition among potential buyers to secure their next home is now more than double what it was this time in 2019.” Tim Bannister, Rightmove’s Director of Property Data.
Despite the new record of £338,642 being just £15 higher than the previous high set in July, the stabilisation of prices in the market is fantastic news for the buyers in the market, and unsurprisingly, buyer demand throughout the country remains high. The autumn now looks to have a more balanced season, with the number of new listings on Rightmove up by 14% compared to the last two weeks of August. This increase in choice amongst buyers will undoubtedly encourage more current owners to come to market and will help ease the further upwards price pressure evident throughout the last six months.
If you are looking to capitalise on the boom the UK property market is currently experiencing, get in touch with one of our expert property consultants today.