2.3 per cent in February, the biggest monthly since record began 20 years ago. Accordingly, the average advertised cost of a home jumped by £7,785, to £348,804 (US$471,586). This was following a 9.5 per cent increase in asking prices over the past 12 months.
The record rise in house prices were a result of the widening gap between the number of buyers and sellers, the website said. As the number of property listing rose by 11 per cent in February, the number of people looking to buy a property increased by 16 per cent. “This new record means that average asking prices have now risen by nearly £40,000 in the two years since the pandemic started, compared to just over £9,000 in the previous two years,” a spokesperson for Rightmove said.
Although first-home buyers are expected to find themselves pushed out of the market as a result, they only make up a small proportion of potential buyers. According to Rightmove, wealthier buyers, many of whom saved up large deposits during COVID, are among those caught by the fear of missing out, and expected to continue to drive prices even further over the coming months. As pandemic-induced restrictions were lifted “we now have a group of movers who are looking to return closer to major cities, or at least within comfortable commuting distance of their workplaces,” Rightmove’s Director of Property Data Tim Bannister, said.
