Property asking prices have hit a record high of £369,968, which is 9.3% up on 12 months ago, according to property search specialist, Rightmove, and the shortage of homes for sale appears to be easing, with the number of new sellers up by 13% compared to this time last year.
Although nationally available stock is 40% down on June 2019’s levels, the situation is improving and particularly in North and West Yorkshire, where leading Yorkshire estate agent, Dacre, Son & Hartley, has almost 50% more properties, either for sale or under offer, than this time last year.
Nationally the pace of price growth has slowed down slightly from the 9.7% recorded in June. However, in Yorkshire and the Humber, asking prices have soared by 12.1% year on year. The region’s average asking price is now £243,632, with properties taking an average of 32 days to sell according to Rightmove.
The company’s data shows that buyer demand is up 26% on June 2019’s levels, though down 7% on last year’s frenzied market.
Patrick McCutcheon, head of residential at Dacre, Son & Hartley, which has 21 offices in West and North Yorkshire, said: “The lack of property for sale and high buyer demand have been key features of the market for the past two years and have reinforced prices. Another factor which is helping to drive price growth in Yorkshire is the high number of buyers that are still relocating from London and the South East.
“Although our stock levels have significantly improved, and we currently have almost 50% more properties, either for sale or under offer, than this time last year, there are still more buyers than sellers in the market. As a result, and despite concerns about interest rates and inflation, now is a good time to sell. There is demand in Yorkshire for all types of homes and particularly high quality family houses in good locations.”
Tim Bannister, Rightmove’s director of property science, commented: “Having more new sellers this month is a win-win for the market, as these sellers will likely achieve good prices for their homes given the sixth asking price record in a row that we’ve now seen, which may help to explain the increase in new stock coming to market over the last year.
“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.
“Though a softening in demand is moving the market from a boil to a simmer, it remains 26% up on 2019. With such an imbalance remaining between supply and demand, prices look underpinned, and we would therefore only expect typical smaller seasonal month-on-month falls, rather than more significant price falls in the second half of the year. This has led to us revising our annual price growth prediction for the end of the year from 5% growth to 7%, although this would still mark a slowing from the 9.3% seen this month.”
