£350,000 for the first time.
Figures published by Rightmove show that typical asking prices in March hit £354,564. It amounted to an increase of 1.7 per cent or £5,760 from the previous month, the biggest monthly rise for this time of the year in 18 years. Accordingly, the annual growth asking prices reached 10.4 per cent as a result. According to the property website the jump was party triggered by the significant mismatch between demand and supply, with twice as many buyers as sellers. This is why the chance of finding a buyer for a property within the first week is at its highest for this time of the year.
“Many of those who are selling in this record-breaking market obviously also face the prospect of buying again in the same market, and being in fierce competition against other buyers,” Tim Bannister, director of property data at Rightmove, said. “Having a buyer for your own property, subject to contract, puts those who are buying again in a powerful position compared to buyers who have yet to sell, and agents report that these ‘power buyers’ are more likely to get the property that they want and negotiate the best deal on price.”
Data gathered from the past two years show that since the beginning of the pandemic, the housing market has defied economic conditions. One major trend was the increase in demand for larger homes. With a significant number of buyers seeking more space to work from home amid the global health crisis, a 3.4 per cent increase was registered in asking prices for homes with four bedrooms or more. “The trend of a significant number of people planning to work from home for three days a week or more in the longer term has created new hotspots across the country for part-time commuters including Shropshire, North Cotswolds and Suffolk,” Kate Eales, Head of Regional Residential Agency at Strutt & Parker, said.
