The property website has reported a jump in prices this month across all buying sectors and London is starting to see a market revival.
Property prices have jumped by 1.8 per cent this month, according to Rightmove – the highest percentage monthly rise at this time of year since October 2015. The property website says the number of sales agreed was up 15.2 per cent in September versus 2019’s ‘normal market’ comparison.
There has been a distinct shortage of properties on the market recently, with more buyers than properties available. Rightmove says the number of new properties coming to market has increased compared to the summer but is still not enough to satisfy ‘strong autumn demand’.
Record price highs
All market sectors and all regions of Britain have hit new record price highs in the same month according to Rightmove. ‘Competition for property for sale remains hot this autumn, with average prices jumping by almost £6,000 in the month,’ says Tim Bannister, Director of Property Data for Rightmove. ‘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.’
Demand for properties continues to outstrip supply and this means that prices are likely to remain healthy. If you are looking to sell up and downsize, now could be a good time to do it as you could secure a good price for your property.
London revival
Although London has recently seen a slower price growth than other regions of the UK, it is now starting to see signs of a market revival. A return to the workplace and foreign interest is providing the capital with a boost.
In addition, buyers remain in need of extra space both inside and outside to work from home and enjoy a bigger garden. This is helping to keep the market healthy.