The price of property coming to market in June has risen by 0.8% (+£2,509) this month, according to property website Rightmove, with prices continually setting record all-time highs for the third consecutive month.
In their latest House Price Index released earlier today, Rightmove has reported that the national average of house prices in the UK has increased to £336,073 and setting new records for the market for the third month in a row. This increase is the most significant rise at this time of year since 2015, as the market continues to be buoyed by the strength of buyers purchasing properties over £500,000, and those looking to move for lifestyle changes.
According to Tim Bannister, Rightmove’s Director of Property Data, the property websites’ high traffic and search data indicates that there is still a strong buyer demand in the market, with the market expected to remain vigorous for at least the next six months.
Consistently high buyer demand is continuing to outstrip the supply of properties on the market, with the frenetic market expected to calm in the following months. With fewer properties coming to market as the stamp duty holiday nears its end, the strong buyer demand is struggling to be met with fresh choice, and subsequently reducing some buyers’ ability or desire to move. With the average number of properties available for sale per agency branch at an all-time low of just 17, this has fallen from the previous months’ record low of 19 and has now shown a chronic shortage of choice in property to buy. This decrease indicates a fall in the number of sales agreed in the coming months until the supply is replaced.
Buyer demand in the top-end of the sector has remained consistently high, with the number of sales agreed for properties priced over £500,000 was up by 49% last month compared to the previous year. This increase is despite buyers knowing that they were sure to not benefit from the maximum stamp duty saving that comes to an end in June. In this price bracket alone, average prices are up by £67,394 over the previous year, increasing by 12.3% compared to the average 7.5% across all property types.
If you are interested in investing in the UK property market and benefitting from the staggering increases in capital growth, then get in touch with us today. Our team of expert property consultants are here to help you capitalise on all the UK market has to offer.