Upwards price pressure resumes as demand grows while new sellers pause
According to the largest UK property portal Rightmove, it would appear that whilst home life continues to be challenging throughout lockdown, the demand for property, which is outstretching supply is fuelling house price increases:
- After three consecutive monthly falls the average price of property coming to market surprisingly increases by 0.5% (+£1,522) this month, as upwards price pressure resumes
- One in five buyers who agreed a purchase in July last year have still not completed more than six months later, with an estimated 100,000 buyers in total still likely to miss out on their expected tax saving
- Number of new buyers continues to grow despite it now being too late for most to beat stamp duty deadline
- First week in February versus 2020 sees Rightmove visits up 45%, with keen home-hunters sending 18% more enquiries, and the number of purchases agreed up by 7%
High demand outstripping supply and pushing up prices: new seller numbers are 21% down on prior year as owners of family homes delay coming to market, perhaps due to home-schooling distractions.