UK house prices soar to record high in May


UK house prices soar to record high in May

Posted on Thursday, May 27, 2021

According to the property expert, Rightmove, asking prices have increased by an average of nearly £6,000 within the space of a month across the UK.

Properties entering the market between 11th April and 8th May were advertised 1.8% higher, compared with a month earlier, for an average of £333,364. A growing demand for homes for sale has resulted in a double-digit price increase in various UK regions, with Wales up by 13%, North West by 11.1%, and Yorkshire & the Humber with 10.5%.

Speaking about the surge, Rightmove’s director of property data, Tim Bannister commented: “Last year’s unexpected mini-boom is rolling on into 2021, with new price and market activity records again defying many predictions. Buyer affordability is increasingly stretched, but there’s obviously some elasticity left to stretch a bit more as many buyers are squeezing their way into higher price bands.

“This high demand, with both willingness and ability to pay more, has pushed the average price of property coming to market to a new all-time high of a third of a million pounds. In another twist, it is the regions of Britain further north that are leading the way, with some degree of catching up between average prices in London and the north.

Amy Wray, our managing director said: “We continue to see an overwhelming response from homeowners wishing to take advantage of the recent property boom.

“The figures for Yorkshire & the Humber also serve as further evidence of the North’s increasing appeal, with more house hunters opting for the picturesque setting and stunning properties we are graced with here!”

To make the most of this property surge and to speak to one of our experts about putting your property on the market, get in touch with the team today.

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