Rightmove reports Spring moving ‘frenzy’
Cost of living and energy crisis and rising inflation and interest rates fail to slow house price surge in the UK, says Rightmove in its latest report.
Rightmove has published its House Price Index for April, revealing another record-busting month – and the quickest-selling month ever – pushing the average price of a house up by an astonishing £5,537, and £19,082 over the last three months.
The headlines of the report are:
• The price of property coming to market hits a new record high for the third consecutive month, up by 1.6% (+£5,537) to £360,101
• Despite growing economic headwinds, the 2022 market continues to set new milestones for price and activity levels:
• All regions and all market sectors reach new record price highs, for only the second time since 2007
• Properties selling faster than ever, twice as quickly as in the more normal market of 2019
• Last three months’ price jump of over £19,000 is largest seen in any three-month period since records began
• 53% of properties are selling at or over the full asking price, again the highest level ever seen
• The pace of price rises this year appears to be tailing off slightly as affordability constraints and economic headwinds combine:
• High buyer demand for limited stock for sale suggests that while price growth may slow down, sustained price falls are unlikely
• Number of transactions remains steady, and 21% higher than the more normal 2019 market
This fastest-ever speed of sale means that 53% of properties that sell are now selling at or over their final advertised asking price, the highest percentage Rightmove has ever measured. Overall, its analysis shows that properties are achieving 98.9% of the final advertised asking price on average, which is also the highest percentage since Rightmove’s records began.
Over 125,000 new sellers have taken advantage of the great sellers’ market this month.”
Rightmove’s Director of Property Data, commented, “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.
“Over 125,000 new sellers have taken advantage of the great sellers’ market this month, but more are needed in all areas and in all property sectors to meet high buyer demand.”
Rightmove measured 127,129 asking prices this month nationally, circa 95% of the UK market. The properties were put on sale by estate agents from 13th March to 16th April 2022 and advertised on Rightmove.co.uk.
