Residential property asking prices hit record high and expected to continue rising following lockdown

The latest figures from property website, Rightmove, show that the average asking price reached an all-time record of £323,530 – a rise of 5.5 per cent against September 2019.

Rightmove now says that it expects the annual rate of increase in average asking prices to reach around seven per cent by December.

Tim Bannister, Director of Property Data at Rightmove, said: “Previous records are tumbling in this extraordinary market, and there are still some legs left in the upwards march of property prices. We predict that the annual rate of growth will peak by December at around seven per cent higher than a year ago.

“Many buyers seem willing to pay record prices for properties that fit their changed post-lockdown needs, though agents are commenting that some owners’ price expectations are now getting too optimistic, and not all properties fit the must-have template that buyers are now seeking.

“Not only is the time left to sell and legally complete before the 31 March Stamp Duty deadline being eaten away by the calendar, but more time is also needed because the sheer volume of sales is making it take longer for sales that have been agreed to complete the process.

“Sellers and their agents should therefore be wary of being too optimistic on their initial asking price, as whilst activity levels continue to amaze, there are some signs of momentum easing off from these unprecedented levels.”

Posted in Property Construction.