For the third month running, the value of property coming to the market has hit a record high. Month-on-month property prices have gone up by an average of 1.6% (+£5,537), and over the last three months by an incredible £19,082. This jump of over £19,000 is the largest rise in any three-month period since Rightmove’s records began.
For only the second time since 2007, all regions and market sectors have risen with properties selling faster than ever. In fact, they are selling twice as fast as they did before the pandemic in 2019.
What’s more, over half of all properties for sale are achieving the asking price or above.
We have seen three months of momentum since the star to the year hitting new records – and this is despite the backdrop of a cost-of-living crisis and affordability constraints. However, demand hasn’t waned, but this begs the question ‘how long can this continue?’.
The issue is still the supply and demand imbalance which has continued to push up prices. As we enter the warmer months, this is now combined with the usual spring rush. We are seeing a high level of competition for every home we sell especially for 3/4/5-bedroom houses close to the high performing schools in East Renfrewshire. Although it can be less stressful when selling and buying quicky, more sellers are needed to satisfy the demand and ease the competition as we have lots of clients who can sell but are finding it difficult to buy.
The current average selling time to sell a property in the UK is 33 days – this time in 2019 it was 67 – but here in East Renfrewshire we are seeing faster selling times for family homes as people look to get settled in time for the first term in August. This fast-selling speed also means that high prices are being achieved – Rightmove has reported the highest ever percentage of properties selling at or over the asking price.
The pace of house prices rises appears to be slowing with this month’s increase of 1.6% being lower than the 1.7% and 2.3% in the previous two months. However, the continuing high demand and lack of supply suggests that any sustained price falls in our area are unlikely. The number of transactions is steady with the number of agreed sales currently 21% higher than the same period in 2019.
Contact our team at Nicol Estate Agents if you would like to find out more about