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Property News | House prices leap £55,000 in 2 years

Research by Rightmove has shown that for the fourth month in a row, the average price of property coming to market has risen to £367,501, a new high. The 2.1% (+£7,400) increase this month is the greatest at this time of year since May 2014, and reflects a nationwide increase of £55,551 in asking prices in the two years since the pandemic shut down the housing market.

Record-breaking figures!

According to Rightmove, the average asking price of a property coming to market hit a fourth consecutive record in May, rising 2.1% on the previous month to £367,501, the highest for the time of year since May 2014. Year-on-year the price jumped 10.2%.

Is now a good time to sell?

This compared to a £6,218 increase in asking prices in the two years prior to the pandemic, demonstrates how frantic market activity has resulted in two-year price increases in cash terms that has never been seen in over twenty years of price tracking making now a prime time to sell.

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What the experts’ say

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

‘What the data is showing us right now is that those who have the ability to do so are prioritising their home and moving, and the imbalance between supply and demand is supporting rising prices.

‘Though demand is softening from the heady levels we saw this time last year, the number of buyers inquiring is still significantly higher than during the last ‘normal’ market of 2019, while the number of homes for them to choose from remains more constrained.

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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