The average price of properties coming to the UK market has hit yet another record for the third consecutive month, increasing by a staggering +1.6% (£5,537) in the last month alone and an incredible £19,082 over the last three months, according to property portal Rightmove’s monthly House Price Index.
With buyer demand and property prices at an all-time high, the UK property market is now experiencing properties selling faster than ever, with over 53% of properties selling at over the full asking price – the highest level ever seen. In addition, the average property price has now reached a record-breaking £360,101, increasing by an astonishing £19,082 over the last three months, which is the highest three-month price increase since records began.
“With three new monthly price records in a row, 2022 has started with price-rise momentum even greater than during the stamp-duty-holiday-fuelled market of last year. The high demand from a large number of buyers chasing too few properties for sale has led to a spring price frenzy, a hat-trick of record price months, and the largest price increase for a three-month period Rightmove has ever recorded. The strong momentum has carried over from last year and, combined with the impetus of the spring moving season, has delivered the quickest selling market we’ve ever seen.” Tim Bannister, Rightmove’s Director of Property Data.
With demand continuing to outstrip supply, properties on the market are selling twice as fast as the regular market in 2019, with sellers able to find a buyer quicker than ever previously seen by Rightmove, despite several economic headwinds. With the average time to sell a property now standing at an average of just 33 days, compared to the ‘normal market’ time of 67 days, Rightmove has also seen an increase in average property prices across the lower, middle, and upper market sectors – showing a clear increase in property prices throughout the market as a whole.
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