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

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  • 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.

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