Asking prices jump to new record high
Rightmove reports biggest ever monthly rise.
Asking prices have jumped to a new record high, according to Rightmove.
Indeed, asking prices jumped by a record amount for a single month in June, with prices jumping 3%. That's the equivalent of almost £8,500, taking the average asking price in England and Wales to £294,351.
Rightmove has put this jump down to the surprise stability of the Conservatives winning an outright majority in the election.
It was the busiest May ever for Rightmove with 115 million visits. That’s the equivalent of every adult in the UK visiting the website twice. The busiest day was on 19th May, less than two weeks after the election.
Lack of supply driving prices up
Election certainty boost buyer confidence, but the predicted rise in sellers hasn’t materialised. The number of properties being put up for sale is down 8.5% compared to this time last year. What's more, listings are down almost 4% month-on-month.
The exception to the rule is £2 million plus properties, with an impressive 86% increase in listings month-on-month. Much of the increase is due to increased interest from upmarket buyers.
Rises moving further north
Six out of 10 regions have set new record price highs this month as the supply and demand imbalance continues to head further north. As well as the four southern regions, both the East Midlands and West Midlands reached all-time highs this month.
London has had the strongest monthly price increase of 5.7% thanks to more expensive boroughs seeing high end owners willing to come to the market now that the threat of Mansion Tax isn’t an issue anymore. The North East and Wales have both seen falls at -0.3% and -1.4% respectively.
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