Common asking costs for UK properties have jumped £55,000 because the begin of the pandemic, with no slowdown within the “frenetic” market regardless of the price of residing disaster, new figures present.
Rightmove mentioned asking costs rose by £7,400 (2.1 per cent) between April and Might, taking the common to a brand new file excessive of £367,501.
It means costs have risen 10.1 per cent prior to now yr, regardless of fears for the well being of Britain’s economic system.
The property web site discovered {that a} fourth successive rate of interest rise by the Financial institution of England had finished little to dampen demand.
The Financial institution elevated its foremost benchmark rate of interest to 1 per cent earier this month and has signalled additional will increase are in retailer because it seeks to manage runaway inflation.
Exercise ranges stay string and are considerably larger than earlier than the pandemic, with the variety of consumers up almosta third in comparison with 2019 ranges, Rightmove mentioned.
Gross sales agreed are up 12 per cent to date this yr, in comparison with the identical interval in 2019, and down 17 per cent yr so far in comparison with 2021.
In the meantime, the variety of accessible properties on sale is down 16 per cent in comparison with final yr and 55 per cent in comparison with 2019. Essentially the most acute shortages are of two adn three-bedroomed semi-detached properties, in line with the fgures.
Rightmove’s director of property Tim Bannister predicted that rising residing prices and rates of interest would start to weigh on costs later this yr.
“Individuals could also be questioning why the housing market is seemingly working in the wrong way to the broader economic system in the intervening time,” Mr Bannister mentioned.
“What the information is displaying us proper now’s that those that have the flexibility to take action are prioritising their residence and transferring, and the imbalance between provide and demand is supporting rising costs.
“Although demand is softening from the heady ranges we noticed this time final yr, the variety of consumers enquiring continues to be considerably larger than over the last ‘regular’ market of 2019, whereas the variety of properties for them to select from stays extra constrained.”
Common month-to-month mortagge funds elevated to overhaul common month-to-month lease funds in Might, Rightmove discovered.
The typical month-to-month mortgage fee for a typical first-time-buyer residence has elevated by 13 per cent (£100) since December final yr following 4 rate of interest rises, though that is solely 11 per cent (£87) larger than ten years in the past.
Kaynak: briturkish.com
