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Sharp Rise in House Prices Across the UK Posted: 21st October 2021

According to the latest data from Rightmove, we have seen a sharp rise in house prices across the UK as buyers rush to move ahead of a likely rise in the cost of borrowing.

Key statistics show that:

  • House prices are at record levels across all regions and sectors.
  • Asking prices rose by 1.8% in October – the largest rise in six years.
  • There was a rise of 15.2% in sales agreed in September compared to 2019.
  • Demand is still outweighing supply, even though more properties are being listed for sale.

The latest house price index shows that the price of a home coming to the market in October was 1.8% higher which is the largest rise since 2015 with the average asking price up 6.5% annually. What’s more, for the first time since March 2007, across all sectors in all regions, there were price records set.

The stamp duty holiday which only ended in England and Wales recently, has fuelled UK-wide bumper growth figures – with the tax having returned to all UK regions from September.

The number of sales agreed was 15.2% higher last month compared to the same month two years ago. However, while the number of new properties coming to market has been slightly higher, supply still cannot keep up with demand.

We anticipate that competition for property will remain strong even though there are more properties slowly coming onto the market – however it’s not enough to replenish stock.

Interest rates are at a record low of 0.1% but a rise is expected the BoE looks to address rising inflation. This will inevitably lead to an impact on the property market.
to note that changes in policy by the Bank of England could lead to a widespread impact on the property market, along with many others.”

Whatever your reason for moving; whether it's for extra space, to downsize or you may simply have found your dream home, Nicol can help. Our knowledge of the local property market helps us develop a marketing plan that's right for you and your property.
We want our clients to be delighted with the service we provide. Listening to your needs and understanding your requirements is our starting point. To find out more about our approach to selling homes, download our comprehensive Guide to Selling your Property here.
If you are planning on selling your home, contact Nicol Estate Agents today for an appraisal of your property. Our Managing Director Douglas Nicol and Sales Manager Daniel Cohen carry out hundreds of market appraisals every year, giving them an intimate and unparalleled knowledge of the property market in Glasgow, from city centre apartments to family homes and building plots. We will talk to you about the property market in your area, compare sales evidence, local demand for similar properties, outline our tailored marketing plan and provide details of our sales support strategy right through to completion.