The national average price of a properties coming to the market is at an all-time high according to Rightmove, with prices rising by 1.8% to £344,445 in October 2021, with properties coming on to the marketing selling quickly due to demand.
According to the UK’s number one property website, October saw the biggest rise at this time of year since 2015, with the average property price jumping by £5,983. This is due to a lack of stock as fewer properties enter the market, and a desire to buy ahead of a potential interest rate rise.
At present the market has recorded a ‘full house’, with price records across all regions of Great Britain and in all property market sectors during one month. This is the first time that a ‘full house’ has occurred since March 2007.
The autumn demand for properties is high, however the number of new properties entering the market is not enough to satisfy the strong demand from buyers, with ‘power buyers’ – those who have already sold their home or are first-time buyers – having the upper hand late in 2021.
There is such a high level of demand in the market, that even with agreed sales up 15.2% in September compared to the same period in 2019, the depleted is stalling recovery of the market. However, there is a fast turnover of property for sale and a window of opportunity to buy.
Based on a weekly snapshot, new sellers coming to the market is down 3.2% on the same period in 2019, however the period as a whole shows the market to be down by 9.3%. The market currently favours anyone looking to downsize or power buyers who are keen to move.
Tim Bannister, Rightmove’s Director of Property Data comments: “Competition for property for sale remains hot this autumn, with average prices jumping by almost £6,000 in the month. Although more properties are coming to market, the level is still not enough to replenish the stock that’s being snapped up.
“Consequently, new price records have been set across the board, with every region of Great Britain and all of the three market sectors of first-time buyer, second-stepper and top of the ladder hitting all-time highs. This ‘full house’ is an extremely rare event, happening for the first time since March 2007.
“The stock shortages started after the first lockdown, and they look set to continue with the underlying housing market fundamentals remaining strong, and an additional incentive to buy and fix your mortgage interest rate before a widely expected rate rise.”
The high demand is creating a quick turnover of sales and in turn increasing demand on services including surveyors, estate agents and solicitors. If you want to meet the demand and require audio typing or transcription services to meet tighter turnaround times on your survey reports, valuation reports or any other property correspondence, contact us at enquiries@backuptyping.co.uk.
Read more about this in Rightmove’s latest House Price Index report.
