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Third consecutive price record & homes selling faster than ever in spring market frenzy!
The price of property coming to market hits a new record high for the third consecutive month, up by 1.6% (+£5,537) to £360,101.
Despite growing economic headwinds, the 2022 market continues to set new milestones for price and activity levels:
- All regions and all market sectors reach new record price highs, for only the second time since 2007
- Properties selling faster than ever, twice as quickly as in the more normal market of 2019
- Last three months’ price jump of over £19,000 is largest seen in any three-month period since records began
- 53% of properties are selling at or over the full asking price, again the highest level ever seen
The pace of price rises this year appears to be tailing off slightly as affordability constraints and economic headwinds combine:
- High buyer demand for limited stock for sale suggests that while price growth may slow down, sustained price falls are unlikely
- Number of transactions remains steady, and 21% higher than the more normal 2019 market
The price of property coming to market has hit a new record high for the third consecutive month. Month-on-month prices have risen by an average of 1.6% (+£5,537), and over the last three months by £19,082. This figure is the largest three-month price increase that Rightmove has ever recorded, with high buyer demand enabling sellers to ask and achieve ever higher prices. With not enough property available on the market, sellers are able to find a buyer quicker than ever previously seen by Rightmove, and twice as quickly as in the same period in the more normal market of 2019. This momentum is despite the growing economic headwinds, though we forecast that these headwinds will slow the pace of price rises as the year progresses.
