Here is the latest Rightmove House Price Index Report with it's latest findings
Market still frenetic but early signs of slowing due to record prices and lack of choice
- Price of property coming to market rises by a relatively modest 0.8% (+£2,509) this month, though still the largest rise at this time of year since 2015, and prices are now at a record in all countries and regions of Britain
- High prices combined with an all-time low in the number of available properties on agents’ books are starting to slow the market’s frenetic pace, with sales agreed in May 17% ahead of same period in 2019, slackening from April’s +45%
Top-of-the-ladder buyers are more insulated from mass-market’s increasingly stretched affordability:
- Average prices up by £67,394 since March 2020 for properties in this sector (+12.3% compared to +7.5% for all properties)
- The number of sales agreed on properties over £500,000 in May was 49% above the same period in 2019, despite buyers knowing they will miss the maximum stamp duty saving that comes to an end in June
Cash-rich relocators from more expensive areas also fuelling prices in fastest-growing regions:
- Welsh prices up by 14.6% since March 2020, and also the highest jump in buyer demand, up by 44%
South West prices up by 11.4% with properties selling more quickly than ever recorded, resulting in fewest properties available for sale per estate agent of any region in England – just ten per agent branch
Source: Rightmove
