According to a leading UK property portal, average asking prices have jumped by 2.3% to £7,785 in the last month. This increase is in fact the highest monthly growing rate every recorded by the property website!
Prices are now 9.5% higher than they were a year ago, averaging at £348,804 and the reason for this is home buyers have a fear of missing out. Since the pandemic started, the average asking price of homes have no risen by nearly £40,000.
Tim Bannister, Rightmove’s director of property data said: “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,”
Looking at the data which was released this morning, estate agencies are receiving more enquires from potential buyers. The number of enquiries received has increased by 16% compared to this time last year.
Not only this, but new property listings are up also by 11% compared to the same period last year. This suggests that more and more sellers are coming to the market, before even looking for a property to purchase in order to avoid missing out on their next home.
Home valuation requests has jumped up also with 11% more in January compared to January 2021.
Bannister commented: “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.
“As the final legal restrictions look to be ending soon, and more businesses are encouraging a return to the office for at least part of the week, we now have a group of movers who are looking to return closer to major cities, or at least within comfortable commuting distance of their workplaces. High demand and a shortage of available stock are supporting a rise in prices and a new record average asking price this month.
“The rising cost of living is undoubtedly affecting many people’s finances, especially those trying to save up enough for a deposit to get on the ladder or to trade up. However, despite rising costs and rising interest rates, the data right now shows demand rising across the whole of Great Britain, with many people determined to move as we head into the spring home-moving season.”
He continued: “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.
“Those would-be sellers who are considering coming to market in the near future will be pleased to hear that March is historically the best time to sell, with sellers normally seeing the most enquiries for their property, and therefore the best chance of a successful sale.”