20th Jul 2020 05:16
(Alliance News) - House prices in Britain hit a record high this month, with the country seeing a "mini-boom", according to listings site Rightmove.
The average price of property coming to market is GBP320,265 this month, up by an average of 2.4%, or GBP7,640, compared to March before the housing market was put on hold. Rightmove noted the 3.7% annual growth is the highest since December 2016.
"Properties throughout Britain are finally able to come to market again, and they are doing so at a new record average asking price due to an unexpected mini-boom," Rightmove said.
According to listings site Rightmove, the average asking price in England during June was GBP337,884, up 1.9% from March. The June figure represented a 2.9% annual rise.
Rightmove commented: "Last month's report could only refer to English prices, but there is now sufficient new seller asking price data for Scotland and Wales to restart Rightmove's national index, and the new all-time high follows on from March's GBP312,625 record in the busy market before lockdown."
The online estate agent said the price of property coming to market is an accurate early indicator of demand - which is highlighted by unique buyer enquiries currently being up by 75% so far this month compared to the same period a year ago.
The number of sales being agreed so far this month is also exceeding the prior year's figures in all three nations, Rightmove said.
Miles Shipside, Rightmove director and housing market analyst, said: "The unexpected mini-boom continues to gather momentum as more nations reopen. Overall buyer enquiries are up by an incredible 75% year-on-year in Britain and we expect activity will increase even further as Scotland has not yet been open for a full month, and Wales still has some housing market restrictions in place."
Current activity levels, Rightmove said, "clearly show" that Britain is "getting moving again", with the number of properties coming to market up by 11% this month compared to a year ago despite Scotland and Wales not contributing for the full period, and total available stock recovering to now being just 13% down.
"The busy until interrupted spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown. The strength of buyer demand has contributed to record prices, with the 3.7% annual rate of increase being the highest for over three and a half years. These figures are the earliest indicator of house price trends. They show on average prices gently rising not falling, and this will be reflected in the coming months in other house price reports," Shipside added.
By Paul McGowan; [email protected]
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