The average price of properties coming to market in the UK this month have hit yet another all-time high according to Rightmove’s latest House Price Index, increasing by 0.4% (£1,354) to reach an average price of £369,968.
With yet another record for house prices for the sixth consecutive month this year, the UK property market is continuing to outperform itself as buyer demand exceeds the historically normal levels of the June market and is currently 26% higher than the normal market expectation, according to Rightmove. As supply and demand continues to fuel the increase in prices, the frenetic market shows no signs of slowing down as the number of properties on the market is still up by 13% on the previous year with 40% less stock available, meaning there is simply not enough stock to correct the balance between supply and demand in the market.
“For those looking to buy, it means more choice, and a slight easing in competition against other buyers while the market is still moving very quickly. In the current fast- changing economic climate, those looking to buy who find a suitable home they can afford, may choose to act now rather than wait. While more choice is welcome news, the number of homes available remains well below the more normal levels of 2019 and is unable to satisfy the continued high demand that we’re seeing.” Tim Bannister, Rightmove’s Director of Property Science.‘‘
Addressing the historical performance of the market over the last 6 months, Rightmove have also decided to revise their expected forecasted figures for the year and increased their original prediction from 5% to 7% considering the current market performance.
To learn more about the current UK property market performance and see how you can invest with capital growth in mind, get in touch with our expert property consultants today.