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HOUSING MARKET IS IN A SPRING FRENZY AS BUYER DEMAND SOARS

Residential News | Mon 09 May 2022
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Average house prices have hit a new record high for the third month in a row, according to Rightmove, after data from property search giant revealed the average UK house price now stands at £360,101.

In the past three months, the average asking price for a property has surged by just over £19,000, the biggest jump Rightmove has recorded in any three-month period since its records started.

The data also shows that all regions of England, Scotland and Wales, and across all market sectors, have hit new record price highs, for only the second time since 2007. In addition, 53% of properties are selling at, or over, their full asking price, which again is the highest level ever seen.

In Yorkshire and the Humber, monthly asking prices grew by 1.8% in April, and have seen a 9.8% increase year on year. The region’s average asking price is now £234,978, with properties taking an average of 31 days to sell according to Rightmove. 

Patrick McCutcheon, head of residential at Dacre, Son & Hartley, which has 20 offices in West and North Yorkshire, said: “High buyer demand and limited stock for sale has been a feature of the market for the past two years. Although inflation is rising and we’ve seen modest interest rate increases, there’s plenty of momentum in the property market, so whilst price growth may slow down, sustained price falls are unlikely. 

“There is genuine high demand in Yorkshire for all types of homes and particularly high quality family houses in good locations. There are also clear advantages to selling a property in a fast moving market, because in many cases vendors who secure a quick sale and immediately land their next purchase, can move home faster than usual.”

Tim Bannister, Rightmove’s director of property data, commented: “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. While growing affordability constraints mean that this momentum is not sustainable for the longer term, 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.” 

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