Rightmove House Price Index – House Prices Hit a Record High
According to the latest figures from Rightmove, the average price of property coming to the market has hit an all-time high of £327,797 after a 2.1% (+£6,733) monthly jump. The previous record in October last year was over £4,000 less.
Although 145,000 properties were newly marketed this month, it wasn’t enough to meet the exceptional levels of buyer demand. Other figures from the House Price Index included:
- The number of sales agreed has gone 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
- There a buying ‘frenzy’ for new homes. The average number of days to sell a property has reached its lowest ever level and the number of houses selling within a week has also reached its highest ever level.
- Two- and three-bedroom semi-detached homes are currently selling faster than any other property type.
- In March Rightmove surpassed two billion minutes in one month for the first time ever.
- Although the market should quieten down, it is expected that activity to remain robust for the rest of this year.
The big jump comes as buyer demand sets another new record, chasing the lowest ever proportion of property available to buy. This is now the fastest-selling market that Rightmove has measured since records began. This is only the second time in the last five years that house prices have increased by 2%.
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