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Asking prices rocket as homebuyer demand soars

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20/07/2020
Sellers are confident as the post-lockdown property market booms and buyer enquiries surge
Asking prices rocket as homebuyer demand soars

The average asking price of property coming onto the market in Britain rose in July, according to Rightmove.

The property portal said asking prices are now £320,265, up by an average of 2.4% ( or £7,640) compared to March before the housing market was put on hold.

It added that house prices are up 3.7% compared to the same time last year – the highest annual rate of increase since December 2016.

Demand rises

Buyer enquiries are by up 75% in Britain compared to a year ago, and nearly half (44%) of new listings onto the market in the first month after the English market opened on 13th May have already been marked as sale agreed.

The number of monthly sales is also up compared to last year, by 15% in England.

Martin Walshe, director at estate agent Cheffins in Cambridge, added: “Post-lockdown we’re as busy as we have been at any time in the past five years and demand is at such a level that we have had over 25 properties go to sealed bids in the past four weeks.

“We haven’t seen a market this competitive in years and we expect it to get busier still as the stamp duty slash starts to take effect. It can’t be denied that lockdown really emphasised the need to move for many, particularly those who were considering upsizing or leaving London for the commuter belt and we expect this to continue, particularly as workers are told they may not be going back into the office until next year. There has been a misconception among sellers that the market is quiet and depressed when in fact it really is completely the reverse.”

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