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Property News | Rightmove Records Its Sixth Price Record

House prices continue to rise to historic levels and buyer demand remains high.

House prices are on the rise

The average price of property coming to market has seen a sixth consecutive record this month, increasing by 0.4% (+£1,354) to £369,968.

Even as personal finances become more and more squeezed, a persistent desire to move and a lack of available homes are fuelling further price growth.

Buyer demand remains high

Buyer demand is currently 26% higher than it was at this time last year, exceeding historically normal levels.

Co-founder and CEO of GetAgent.co.uk, Colby Short, said:

“Despite wider economic turbulence, the property market has continued to perform very well so far this year and house prices remain at all time highs due to the imbalance between homebuyer demand and available stock.

“In fact, demand levels remain extremely high across the majority of the market and it seems that not even the threat of increasing interest rates and record levels of inflation can deter the nation’s homebuyers from their aspirations of homeownership.

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What the experts say

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

Demand is likely to return to more normal levels in the second half of the year due to the rising cost of living and affordability concerns, however the prospect of further interest rate rises may drive some to act now to lock in a longer fixed-term mortgage rate. This is even more likely because the gap between interest rates for shorter and longer term mortgages has been closing in recent years, and they are now virtually the same. For example, the average interest rate for a 75% loan-to-value mortgage is now 2.9% for either a two-year or five-year fixed deal. Historically lenders offered a lower rate on a two-year fix, with a difference of as much as 1% between the two deals over the past five years.

Thinking about selling? Miller Metcalfe have 25 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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