Rightmove have released a national picture of house prices and activity over the past few weeks.
With the first 6 months being the busiest ever, and property prices increasing by 6.7% (that's approximately £21,389 higher!), this surge in activity has revealed a shortfall of 225,000 homes for sale, homes with four beds are facing the biggest imbalance with 39% surge in sales and 15% fall in numbers coming to market versus 2019. Three bed properties are seeing a 28% jump in sales, with prices jumping up by 6.9% so far in 2021.
With the ongoing need for housing, high activity levels despite the June stamp duty deadline now passing, and with residential property prices continuously increasing, they say they 'expect positive sentiment to continue'.
On the rental market, nayional rate (outside of London) are reaching an all time high with an average of £1,000 per calendar month! Asking rents are 6.2% higher than this time last year, the biggest quarterly and annual jumps ever recorded by Rightmove! Rental properties are finding a tenant quicker than ever before at an average of 21 days, and the fast-paced market has led to an annual drop of 36% in the number of available rental properties!
We anticipate no immediate change, but how long will this be able to continue?
Keep an eye on our blog page for more updates, as soon as we know, you know.