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Property News | Asking Prices See Largest Monthly Jump In Over 20 Years!

Research by Rightmove has shown that properties in England have seen a property value increase of 2.3% in just one month. That’s equivalent to £7,785, the largest price change seen in 20 years.

Record breaking figures!

House prices are now recorded being 9.5% higher than a year ago making it the highest annual rate of growth since September 2014. While the number of new property listings increased by 11% in January compared to this time last year and the number of people looking to purchase a property even rose by 16% according to Rightmove. This shows how people many more people are eager to move and are actively looking for properties to purchase.

Earlier this month, Nationwide also reported that sale prices in January were up by 11% on the same month in the previous year, giving house price inflation in 2022 the strongest start since 2005.

Is now a good time to sell?

Rightmove says that March is historically the best time to sell your property, with record-breaking numbers of buyers searching for properties there are way more eyes on your property. The benefit for a seller is that they will have a fantastic chance of selling their property quickly and at the best possible price.

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What the experts’ say

Tim Bannister, Rightmove’s Director of Property Data, said:

“The data suggests that people are by no means done with their pandemic-driven moves. Such a significant societal event means that even two years on from the start of the pandemic, people are continuing to re-consider their priorities and where they want to live. 

“A fear of missing out on one’s dream home is really driving market behaviour at the moment, as movers look to do all that they can to avoid the disappointment of being too slow to secure their ideal property. 

We’re seeing buyers sending more enquiries for available homes than usual, and doing everything that they can to put themselves at the top of the list. 

Setting up instant property alerts, keeping a keen eye on fresh property stock coming to market each day, and acting immediately rather than waiting are other tactics that some successful buyers are using.”

“To put yourself in the best possible position to proceed, you should become a ‘power buyer’, by making sure your current home is on the market or preferably sold subject to contract first, before starting the search for your new home.”

There’s no denying that now is a prime time to sell a property. Buyer demand is at record-breaking levels, with 16% more buyers looking for a new property now than in 2021, and with the current increase in property values, you can guarantee a quick sale whilst still achieving the value your home deserves.

Thinking about selling? Miller Metcalfe have 18 hubs across the North West. Our property experts are always on hand to assist you with any of your property needs. Contact us today. Visit https://millermetcalfe.co.uk/contact-us/ to find your local branch.

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