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New-to-market house prices reach record high

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16/03/2020
Asking prices have risen 3.5 per cent reaching a record high of £312,625, data from Rightmove has shown.

The new average asking price recorded in March is higher than June 2018’s previous record of £309,439. Additionally, the annual growth is the sharpest seen since December 2016. 

According to the property portal, March also experienced a one per cent monthly increase, driven by strong buyer demand and a lack of supply. 

Nationally the number of sales agreed went up by 17.8 per cent year-on-year, the highest level for this time of year since 2016. This demand has not been matched by new supply however, with new seller numbers rising by just 1.2 per cent. 

Faster completions 

Properties are selling an average of six per cent faster nationally compared to this time last year, with the average time to sell now 67 days, down from 71.4 days a year ago. The change in the time taken to find a buyer is most prevalent in London, which is now 15 days quicker than 12 months ago. 

Buyer interest still strong 

Miles Shipside, Rightmove director and housing market analyst, said: “The average asking prices of over 110,000 properties that have come to market this month are at a record high as we enter the traditionally busy spring moving season.  

“This is further fuelling the existing shortage of property available for sale, driving up prices to a new record high.” 

He added: “New supply to the market has failed to keep anything close to the pace of demand. Purchasers in a position to buy have been snapping up what’s currently on the market, rather than waiting for the usual post-Easter flurry of fresh supply.  

“There have been no signs so far of a drop in buyer activity or interest in the housing market.” 

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