Average UK House Prices Hit a Record High

Updated: 3 days ago

According to Rightmove, the average asking price for a house in the UK has reached a new record of over £360,000. This is the third record high in the last three months.

Houses are selling quicker than ever, in fact, they are selling twice as quickly now than they did pre-pandemic in 2019. Over the last three months, we have seen a rise of £19,082 on the average property price - the largest increase in the Rightmove house price index ever recorded over a three month period.

Properties on the market are selling faster than ever, with houses coming onto the market and taking, on average, just 33 days to sell. Around this time in 2019, the time to sell a property was double at 67 days.

Due to the rapid speed of sales, 53% of properties sold are now selling at or above their asking price. This is again the highest percentage ever recorded by the index.

Alongside the record amount of properties being sold at or above the asking price, the index also shows that properties are achieving 98.9% of the final asking price on average, which is another record.

Read more: https://www.mortgagemonster.co.uk/post/housing-market-predictions-2022

“With three new monthly price records in a row, 2022 has started with price-rise momentum even greater than during the stamp-duty-holiday-fuelled market of last year. While growing affordability constraints mean that this momentum is not sustainable for the longer term, the high demand from a large number of buyers chasing too few properties for sale has led to a spring price frenzy, a hat-trick of record price months, and the largest price increase for a three-month period Rightmove has ever recorded.” Said Tim Bannister, Director of property data at Rightmove.

“The strong momentum has carried over from last year and, combined with the impetus of the spring moving season, has delivered the quickest selling market we’ve ever seen. The high speed of the market and competition among buyers when making an onward move will be deterring some owners from putting their homes up for sale. However, if you can secure both a quick sale and a quick purchase then it’s a lot less stressful than the uncertainties of a slower market when finding a buyer for your own home can drag on for months or not happen at all."

If you are worried about how the rising cost of properties may affect you, please don't hesitate to get in touch!

Give us a call - 01702 864848

Send us an email - info@mortgagemonster.co.uk

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