15th Jun 2020 05:11
(Alliance News) - House prices in England rose as the market reopened in June, numbers on Monday showed, with some 175,000 sellers springing "back into action" following the lockdown.
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.
In May, Rightmove said the number of new properties coming to market in the UK was down 90% annually, meaning it was unable to publish its usual monthly average selling price index.
"Over 175,000 missing sellers couldn't come to market from March 24 to May 12, but they've sprung into action with record number of owners asking for valuations and daily new listings now up on last year," Rightmove said.
Rightmove added that there is only sufficient data in England so far, not yet in Scotland and Wales.
Miles Shipside, Rightmove's housing market analyst, said: "Following the initial shock of the early reopening of the housing market, England is getting moving again with a boom in traffic on Rightmove. There are no signs of panic selling or even a price dip. Some sellers who had agreed a sale before lockdown have been worrying that their buyer may try to re-negotiate with a reduced offer. On this evidence buyers may now be trying to exchange quickly, as there are signs of high pent-up demand and upwards price pressure, rather than downwards."
Rightmove recorded its "10 busiest ever days" in May and June, as the housing market in England got moving again.
By Eric Cunha; [email protected]
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