Buyers face hot competition as average house price hits all-time high
The national average price of property coming to market has hit an all-time high after rising 0.3 per cent this month, to £338,462.
This new record high is only £15 higher than the previous record set in July, suggesting a stabilising prices, according to Rightmove’s house price index.
Buyers are facing fierce competition to buy with demand per property on the market more than double levels prior to Covid.
In welcome news for house-hunters, the number of new listings in the first two weeks of September was 14 per cent higher than the last two weeks of August.
Buyers who have already sold their own property, have the cash to buy without selling, or are first time buyers with a mortgage agreed will be in the most powerful position to secure available properties.
Greater London has marked a better supply of homes for sale than elsewhere, contributing to an annual price growth of just 0.8 per cent.
Tim Bannister, Rightmove’s director of property data said: “While the holiday-starved took their break over summer, the high ratio of buyer demand to properties for sale means that the property market remains stock-starved despite the summer lull lessening overall activity.
He added: “The frenetic pace of this year’s market may also have put some potential movers off, but there are signs of a return of some normality. It’s still a strong sellers’ market in most of the country, so those looking to purchase need to do all in their power to maximise their appeal to sellers, who will often have several offers, and will usually choose the one that gives them the best chance of a quick sale.”
Cory Askew, head of sales at estate agents Chestertons said London has been reclaiming its position as a “lifestyle destination” for a variety of buyers since the end of lockdown rules.
He added: “The market has been witnessing a continuous influx of buyers this month who are eager to find their new home without any further delay. This is most evident in Prime Central London where buyer demand has really roared back to life, having lagged behind other parts of London this year.”
Properties with outdoor space or rooms that can be utilised as home offices were in particular demand, according to Askew.