Property asking prices in Britain have hit a new record high due to a ‘mini-boom’ in demand, according to property website, Rightmove.
Their latest figures revealed that the average price tag of a property in Britain stood at £320,264 in July, which is 2.4% (£7,640) higher than it was in March.
They also found that annually, asking prices are up 3.7% from what they were a year ago. This is the highest annual house prices increase the market has seen for over three and a half years.
Since the market officially reopened in May, buyer demand has continued to grow at a surprising rate – and Rightmove’s latest figures indicate it’s showing no sign of slowing down.
The property website reported that buyer enquires are up an ‘incredible’ 75% in July so far, compared to the same period last year.
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In addition to this, they found that the number of sales agreed in England this month are up 15% on last year. And in the five days after the stamp duty announcement, it jumped to 35% up on the same days a year ago!
Miles Shipside, Rightmove director and housing market analyst, says:
‘The unexpected mini-boom continues to gather momentum as more nations reopen.
‘The busy until interrupted spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown.
‘The strength of buyer demand has contributed to record prices, with the 3.7% annual rate of increase being the highest for over three and a half years.’
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Almost half (44%) of new listings that came up for sale in the first month after the market re-opened on the 13th May have already been marked as sale agreed.
And that was before the effects of the temporary stamp duty reprieve have had time to kick in.
Record low-interest rates and the significant saving set to be made by buyers on stamp duty will contribute to even higher levels of demand.
But, experts have warned those thinking of moving not to wait.
Miles Shipside commented:
‘There is a window of opportunity for sellers to come to market and to find a buyer who is tempted by the stamp duty savings.
‘Although March next year may sound like a long time away, in reality, sellers need to find a buyer before Christmas, to allow a further three months for completion of the legal process to beat the deadline.’
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