The price of properties coming to market has reached yet another all-time high for the fifth consecutive month, with the average price increasing by +£1,113 (0.3%) in June, to now sit at £368,614, according to property website Rightmove’s latest House Price Index.
As the UK property market approaches its traditional seasonal slowdown throughout the summer, the average property prices are continuing to rise, with the average property price now sitting at £368,614, and the market’s annual growth on track to reach +5% by the end of the year. With buyer demand per individual property reportedly 6% higher than last year, and over double (+113%) the pre-pandemic five-year average, the UK market is experiencing continued growth as the number of properties coming to market is up by 7% on the previous year, and the number of homes currently sold subject to contract has reached over 500,000 – 44% higher than pre-pandemic levels.
“When we look at the number of buyers contacting estate agents compared to 2019 or the pre-pandemic five-year average, demand is still very high compared to what was once considered normal. We’re hearing from agents that though they might have had slightly fewer enquirers for each property in recent months, they’re still seeing significant interest from multiple buyers and are achieving successful sales.” Tim Bannister, Rightmove’s Director of Property Science.‘‘
Whilst the UK property market’s annual price growth is up by 9.7% on June last year, as a region, the year-on-year price difference of the North West currently sits at 11.1% - 1.4% higher than the national average, with it taking just 32 days in the region for a property to sell after coming to market.