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Asking prices see record quarterly increase in 'spring market frenzy

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Monthly prices have risen by an average of 1.6% (+£5,537) and over the last three months by £19,082. This figure is the largest three-month price increase that Rightmove has ever recorded, with high buyer demand enabling sellers to ask and achieve ever higher prices.

With not enough property available on the market, sellers are able to find a buyer quicker than ever previously seen, and twice as quickly as in the same period in the more normal market of 2019.

Across Great Britain, lower, middle, and upper market sectors, properties are at new record price levels. This is only the second time since 2007, with the previous ‘full house’ being in October of last year. This month, properties are selling faster than ever previously recorded. This time in 2019, the average time to sell was 67 days. It now stands at an average of just 33 days before a property is marked as sold subject to contract.

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 ever measured. Overall, properties are achieving 98.9% of the final advertised asking price on average, which is also the highest percentage since records began.

However, the pace of price rises does now appear to be tailing off a little, with this month’s increase of 1.6% being lower than the 1.7% and 2.3% in the previous two months.

Posted by MMB Finance Swindon on 25 April 2022