Prices hit record high as properties sell at fastest pace ever recorded

Rightmove logo
  • National average price of property coming to market hits a new all-time high of £327,797, following a 2.1% (+£6,733) monthly jump
  • Encouragingly, 145,000 properties were newly marketed this month, but not enough to meet buyer demand:
    • Number of sales agreed up by 55% on same period two years ago, reducing the stock of properties that are available to buy to the lowest proportion ever recorded
    • Buying frenzy for new stock, with both the average number of days to sell a property reaching its lowest ever level, and the number of houses selling within a week reaching its highest ever level
    • Mass market of two- and three-bedroom semi-detached homes selling fastest
    • March saw time spent on Rightmove surpass two billion minutes in one month for the first time
  • Although some of the froth is likely to come off the market later in the year once some government economic measures end, we expect activity to remain robust for the rest of 2021

 

A monthly price surge of 2.1% (+£6,733)  has propelled new seller asking prices to a new record high, with the national average now standing at £327,797. This figure shatters the previous record, set in October last year, by over £4,000. The big jump comes as buyer demand sets another new record, chasing the lowest ever proportion of property available to buy. This is now the fastest-selling market that Rightmove has measured since our records began.

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

You May Also Enjoy

Estate Agent Talk

What can affect the profitability of a rental property?

In the residential lettings market, rents are rising, and competition is fierce. But what can affect the profitability of your BTL investment? We aim to find out here. As Stephen Clark, from Finbri bridging finance, says, “Demand for rental properties remains strong across the UK, but the market demand is not being met by the…
Read More
Breaking News

WEEKLY NEWS ROUNDUP – 12/08/2022

A roundup of the week’s top property and proptech news stories in partnership with Proptech-X   Table of Contents Airbnb for house shares’ raises a further £500k LettsPay partners with The Guild to provide Members with automated accounting tool Fine & Country has sights set on accelerating global growth with new appointments LettingaProperty.com Highlight New Smoke…
Read More
Commercial Agent Talk

How to Choose the Best Art for Your Hotel

Artwork is everywhere in great hotels, and while it may not be something guests consciously notice when they walk in, great art dramatically impacts the overall feel throughout the hotel space. Artwork can provide any hotel space – whether it’s placed in the lobby, a guest room or suite, or in the hotel dining room…
Read More
Estate Agent Talk

Marilyn Monroe bought her own home just four months before she died.

August 4th marked the 60-year anniversary of the death of Marilyn Monroe, who would be 96 if she were still alive. Still a sex symbol today, the blonde bombshell started as a pin-up model before branching out into cinema. Famous for her comedies, such as Some Like it Hot and Gentlemen Prefer Blondes, she was…
Read More
Breaking News

BREAKING PROPERTY NEWS – 11/08/2022

Daily bite-sized proptech and property news in partnership with Proptech-X.   LettingaProperty.com Highlight New Smoke and Carbon Monoxide Alarm Regulation Changes for Landlords Online lettings platform LettingaProperty.com is seeking to raise awareness among landlords and tenants of changes to the Smoke and Carbon Monoxide Alarm (England) Regulations. The regulations have been in place since 2015, but are…
Read More
Home and Living

How To Increase Your Homes Value With A Loft Conversion

Loft conversions are one of the easiest, quickest ways to add value to your property both functionally, and financially. If you’re still undecided about whether or not a loft conversion is right for you, read on to find out more about them and how they can help you boost the worth of your home: What…
Read More