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The average asking price soared to a record high of £ 327,000.

When asked about the prices of homes for sale across the UK, Rightmove’s fresh figures suggest that they have reached record highs in the past month.

Average asking prices exceeded £ 6,700 a month, jumping to the new “highest ever” of £ 327,797, and buyers flocked to build a home with ample outdoor space and telecommuting options.

On a monthly basis, the average asking price increased by more than 2% in the activity of “enthusiastic” buyers, and on an annual basis, the requested price increased by 5.1%.

Upward: Rightmove says average asking price has reached record highs

The numbers are spectacular, but the average asking price is very different from the final price at which the home will eventually be sold. Real estate is really only worth it if the buyer is ready to pay for it.

Still, the demand from buyers is so strong that, according to Rightmove, home sales have reached record lows of around 51 days.

According to the data, prospects looking for a popular two- or three-bedroom semi-detached home will be caught up in the bidding process as homes in this category are sold within a week like never before. You may be forced to do so.

The seemingly selling pace of two- and three-bedroom semi-detached homes suggests that a turnaround in demand is being driven by the mass market. In the mass market, “few buyers achieve the greatest stamp duty savings.”

Many are looking for a modest semi-detached property, but Lightmove said it was money. One of the most visited homes on the website last month was the London market with a guide price of over £ 54m.

According to Lightmove, the number of sales agreed last month was 55% higher than at the same time two years ago.

On a central issue of inventory levels, Lightmove said last month 145,000 new properties were listed, “not enough to meet buyer demand.”

“The Treasury needs to consider introducing stamp duty relief for downsizers as one way to drive the coveted release of stocks to the market,” said Tomer Aboody, director of real estate lender MT Finance. “.

Richard Freshwater, director of the real estate group Cheffins, said: This is the largest inventory shortage seen on the market for at least the last 20 years.

Inventory Issues: Low levels of home inventory for sale remain an issue

Inventory Issues: Low levels of home inventory for sale remain an issue

Time to Sale: According to Rightmove, the average time it takes to sell a home has been reduced.

Time to Sale: According to Rightmove, the average time it takes to sell a home has been reduced.

Wow: One of Rightmove's most seen homes was this 12-bedroom London mansion.

Wow: One of Rightmove’s most seen homes was this 12-bedroom London mansion.

Luxury: London Mansion sells via Knight Frank for a guide price of over £ 54m

Luxury: London Mansion sells via Knight Frank for a guide price of over £ 54m

He added: “For many, the boring days of five days a week are over, making areas other than London the most sought after areas.”

For example, Freshwater said that one five-bedroom home near Cambridge received 27 views a week, received 12 offers, and sold quickly at a “much higher” asking price. Said that.

The average number of homes in a real estate agent’s book was about 55, which was 66 in November last year.

With a recent budget, Prime Minister Rishi Sunak has extended the stamp duty holiday to the end of June. Since the prime minister first unleashed the scheme last year, the housing market has seen buyer demand and prices skyrocket. Rightmove said it recorded 9.3 million visits on April 7 alone and spent 2 billion minutes on the site in March.

Tim Banister, director property data for Rightmove, said: Limit population movements and activities.

He states: “The stars have been adjusted for this spring surge. Buyers’ new space requirements include cheap mortgages, stamp duty holiday extensions in England and Wales, government support for 95% mortgages, and appropriate. With a shortage of assets, it is part of the constellation. Purchase.’

Price Fluctuations: A table showing what's happening to average real estate prices

Price Fluctuations: A table showing what’s happening to average real estate prices

“If you’re considering buying in the current enthusiastic market, you need to be ready to act faster than ever,” added Banister.

In terms of what the future of the real estate market will be, Rightmove said the “bubble” is likely to subside after the spring surge as government support initiated during the pandemic collapses and economic reality collapses. He said he was thinking. However, he added: “Still, we expect activity to be strong for the rest of 2021.”

How much the average asking price has risen depends on the location of the property and where the buyer is on the ladder. At the more expensive end of the market, average asking prices have risen 7.4% over the past year, but first-time buyers are now seeing asking prices more than 4% higher than they were a year ago.

A new ultra-low 5% deposit deal launched by the UK government, launched by Lloyds, HSBC, Barclays, Santander, NatWest and others, could give first-time buyers a coveted boost, Many may still be locked out of the market due to fierce competition and high prices for maids.

Rightmove’s Banister said: “The combination of low inventory and high demand helps support prices. Over the past five years, the asking price of a typical first-time buyer’s home has already risen by an average of £ 23,000, so the home The room to buy will try to take immediate action in case the price rises further.

Let's look back: Rightmove chart showing price fluctuations since April 2016

Let’s look back: Rightmove chart showing price fluctuations since April 2016

Regional shift

In Wales, the average asking price has risen the most over the past year, rising 12.2% and price tags around £ 220,774.

Yorkshire and the Humber saw the second-largest average asking price leap, rising 9.4% to around £ 214,045. Scotland’s average offer price has risen 8.5% to £ 169,649, with an average home sales time of just 33 days.

In London, the price tag rose 1.4% to £ 635,306, the smallest increase in selling prices. But last month, the average asking price rose 1.7%. Lightmove figures show that homes in the capital are currently 64 days old, taking longer to sell than anywhere else in the country.

Aboody said:

“This can be attributed to the high asset value already found in these boroughs and the shortage of people to buy, but more places are still affordable and therefore in high demand.

“In the most central districts of central London, stamp duty holidays are purely a bonus, not a reason to buy, as they are rarely available for less than £ 500,000.”

Average home prices for the year to January rose 7.5% from 8% in December, according to figures released last month by the Office for National Statistics.

In the UK, prices rose 7.5% to £ 267,000, while in Wales, Scotland and Northern Ireland they rose 9.6%, 6.9% and 5.3%, respectively, ONS said.

Future outlook

No one knows what the future of the real estate market will be, and some experts think it needs to be fixed. But others believe that the upward trajectory seems to continue.

Ben Taylor, boss of Keller Williams UK, said:

That said, home prices have fallen for quite some time in the last three decades in only two periods, so wise bets should be made.

“If anything, new government-sponsored low-deposit mortgages and interest rates set to fall further will probably continue to crack this explosive market.”

All details: Percentage of monthly changes in average asking price by Rightmove

All details: Percentage of monthly changes in average asking price by Rightmove

Target area: Map asking for price fluctuations nationwide

Target area: Map asking for price fluctuations nationwide

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The average asking price soared to a record high of £ 327,000.

Source link The average asking price soared to a record high of £ 327,000.

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