Rightmove’s House Price Index shows new records set and forecasts rise in extraordinary times

Rightmove’s monthly House Price Index gives a national picture of house prices and activity over the past few weeks. Here are the main take-outs from their latest report, published yesterday:

• New national record for average price of property coming to market, with a 1.1% (+£3,534) monthly rise
• Prices now 5.5% (+£16,818) higher than a year ago, the biggest rate of increase for over four years, with Rightmove now forecasting annual growth rate to peak at circa 7% by December
• Activity levels also hit three new records in September, though there are now some signs of this extraordinary momentum easing off in October:
• Average time to sell of 50 days is quicker than ever before, leaving agents with more properties marked as sold than available for sale for the first time ever
• Highest number of sales ever agreed in a month, up 70% on September last year
• Traffic to Rightmove up almost 50% on September 2019, the biggest annual jump since 2006
• Number of active buyers 66% higher than a year ago, down marginally from 67% July peak
• Pace of growth easing but sales agreed for October so far still up 58% on same period last year

Here at Perry Bishop and Chambers activity throughout September mirrors the trends identified in Rightmove’s latest report. Our teams across Gloucestershire and The Vale of the White Horse have been exceptionally busy – listing, selling and most importantly helping people find and move into their first, next or forever home.