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'17 buyers chasing every new home' House prices rise £2,500 in just a month


'17 buyers chasing every new home' House prices rise £2,500 in just a month
The average price tag in Britain is now £321,064

ByVicky Shaw (PA)Erin Santillo

The price rises have been put down in part to the additional spur of Government incentives (Andrew Matthews/PA Wire)

The average house price in the UK has risen by £2,500 in the past month, according to property website Rightmove.

In what it calls "the best sellers' market of the past ten years", the average asking price is now £321,064.

Rightmove added that its website had seven million visits on a typical day in February – up 40% on the same month last year.

Its report said the increased demand is a result of the knock-on effects of coronavirus lockdowns and additional Government incentives.

A stamp duty holiday was extended in the Budget on 3 March and a 5% deposit mortgage guarantee scheme will start soon.

Rightmove said it expects prices to continue to rise throughout spring.

Other findings included:

“This demand will be further boosted from April by the new Government guarantees enabling lenders to bring back 5% deposit mortgages.

“Whilst it is unfortunately not the perfect time to buy for some people who have been adversely affected by the pandemic, the record buyer demand measured by Rightmove indicates that now is the right time for many.

Housesimple has changed its name to Strike and is promising to undercut rivals by selling homes free - saving customers up to £3,600 when they sell their home.

“Record-low interest rates and the new focus on what your home needs to offer after several lockdowns have led us to the greatest excess of demand oversupply in the last 10 years.

“This strong sellers’ market is good news for those who are looking to put their home on the market as the traditional Easter selling season approaches.

“Blossoming buyer demand coinciding with blossoming gardens should put a spring in the steps of sellers, and more of them coming to market will provide a much-needed increase in the choice of property for the many who are looking to buy.”

Chairman of Jackson-Stops, Nick Leeming, said: “Across all our branches, the rate that new buyers are coming to the market is much faster than the rate at which new homes are being listed for sale, with 17 buyers chasing every new home that we listed last month.

“However, we are starting to see signs of rebalancing as more vendors have been in contact over the past week following the Chancellor’s stamp duty holiday extension.

“For those considering a sale in the next 12 months, now is certainly the time to act to ensure you can take advantage of current favourable market conditions.

“Vendors who have had their properties accurately valued and have been realistic on pricing should expect attractive offers and a prompt exchange.”


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