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According to Rightmove asking prices are at the highest in four years reaching a national average of £323,530, increasing by 5.5%
New data has shown after lockdown with pent-up demand people are now looking for more space to work form home and are willing to spend a premium on larger houses whilst using the advantages of temporary cut taxes.
Tim Bannister, Director or Rightmove stated:
“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 7% 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.”
An Estate Agents view…
Martin Robinson, Director of Hunters, said:
“The market has been strong across all our London offices, as property movers look to take advantage of the savings on stamp duty and the record low interest rates.
This includes those looking to get onto the housing ladder, second steppers looking to move from a flat to their first house, and people looking for outside space by moving to outer London or going further and taking the plunge to make their move to the country, with our offices in commuter locations and beyond seeing significant demand. “
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