Despite the recent base rate rises and the increased cost of living pressures, the property market has remained incredibly buoyant.
Rightmove recently reported:
- All regions and all market sectors reach new record price highs, for only the second time since 2007
- Properties are selling faster than ever, twice as quickly as in the more normal market of 2019
- The 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
That being said there are signs that the frenzied buyer demand is rescinding, which will ultimately see prices stabilise and level. For the first time, in what feels like a very long time, activity doesn’t feel as frantic. The fundaments however remain in place, especially in the South-East, and the lack of available stock is likely to ensure that prices remain at a consistent level throughout the year.
The rentals market continues unabated and is again stock-starved. The lack of available home to rent has had an impact on prices. According to recent Deposit Protection Service (DPS) research, average UK rents have increased for the sixth consecutive month. They claim that the average rents now stand at £849 a month; flats have seen the largest quarterly rise in rents, up nearly 2% .
Should you need any sales or lettings advice we would be delighted to help, contact your nearest branch today.