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Record High Property Prices: Rightmove Reports a Monthly Jump of 2.1%

In October 2020 Rightmove recorded around a £4,000 increase, in the national property price average. This was their highest recorded jump until now. A monthly surge of 2.1% - around £6,733 increase - has propelled new seller asking prices to a new record high. This is now the fastest-selling market that Rightmove has measured since our records began.

Tim Bannister, Rightmove’s Director of Property Data comments that, “this is only the second time over the past five years that prices have increased by over 2% in a month, so it’s a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population’s movements and activities. The property market has remained fully open, and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all-time high.”

This month there was around 145,000 properties coming onto the market, however, this number is not enough to meet the buyer’s demand. The number of sales agreed are up by around 55% on the same period two years prior, reducing the stock of properties that are available to buy to the lowest proportion ever recorded. So if you are thinking of wondering what you can get for you house, get in touch with a member of our team and get a FREE PROPERTY VALUATION.

Overview

  • National average price of property coming to market hits a new all-time high of £327,797, following a 2.1% (+£6,733) monthly jump

  • Encouragingly, 145,000 properties were newly marketed this month, but not enough to meet buyer demand:

  1. Number of sales agreed up by 55% on same period two years ago, reducing the stock of properties that are available to buy to the lowest proportion ever recorded

  2. Buying frenzy for new stock, with both the average number of days to sell a property reaching its lowest ever level, and the number of houses selling within a week reaching its highest ever level

  3. Mass market of two- and three-bedroom semi-detached homes selling fastest

  4. March saw time spent on Rightmove surpass two billion minutes in one month for the first time

  • Although some of the froth is likely to come off the market later in the year once some government economic measures end, we expect activity to remain robust for the rest of 2021

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