House prices hit another new record in March with the average price breaking through the £350,000 price barrier for the first time, a jump of 1.7%. Family homes of four bedrooms plus enjoyed an even bigger monthly price surge of 3.8% – the equivalent of an additional £23,619.
The chance of finding a buyer in the first week is at its highest ever and is twice as likely compared to the same period in 2019. This is the strongest spring sellers’ market that Rightmove has ever seen in several metrics – with the national average house price now at £354,564, a whopping 10.4% rise year on year.
“There’s a hat-trick of reasons for home-owners to follow the normal trend and make it their goal to sell this spring,” says Rightmove’s Director of Property Data Tim Bannister. “Firstly, the potential to achieve a record price for their property. Secondly, the imbalance between high buyer demand compared to low available property supply is the greatest that we have ever seen for the start of a spring market, meaning that the chance of being able to pick and choose between several suitable buyers is strong. Thirdly, the proportion of properties finding a buyer within the first week is also at an all-time high for this time of year, so sellers with an appropriately priced and well-presented property can expect a shorter marketing period than the norm. Those who weren’t ready to take advantage of last year’s rush now have another chance to get on the market while these conditions last.”
Read Rightmove’s latest House Price Index report in full.
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