Our Blog

House Prices Hit Record High Posted: 21st April 2021

According to property portal Rightmove, we are in the midst of record numbers of house hunters, record breaking house prices and one of the fastest-selling property markets since the Rightmove records began. The message was clear – move fast if you can.

Rightmove’s latest House Price Index revealed that the national average price of a property coming to market has hit an all-time high of £327,797, after a 2.1% (+£6,733) monthly jump which has beat the previous record in October last year, by over £4,000.

Despite 145,000 properties being made available for sale in March, it wasn’t enough to meet unprecedented buyer demand. Sales agreed rose by 55% compared to the same period two years ago, reducing the stock of properties that are available to buy to the lowest proportion Rightmove has ever recorded.

It is thought that the housing market will remain robust for the rest of the year with growing optimism due to the vaccine rollout, which is driving momentum for a fresh start after a prolonged period of re-evaluation of what we need from our homes – in particular the search for more space inside and out. In addition, the lack of property coming to market over the last few months has driven prices up.

If you are seeking a new home in this market, you will need to be prepared and ready to move with everything in place. Two- and three-bedroom semi-detached homes are in the highest demand with 30% of those being marketed on the market for less than a week. The spring surge means that it’s a good time to sell and to achieve a good asking price along with a quick sale.

Wednesday 7th April saw a record for Rightmove with over 9.3 million visits to the portal, with March seeing time spent on the site exceed two billion minutes for the first time ever.

Strict mortgage lending criteria is still a consideration, and the record low available stock proportion will make it difficult for buyers to find the right property. Being able to act quickly when the right one does come along is vital, so having both a mortgage agreed in principle and your own property already sold subject to contract will help to get you to the front of the queue if you’re looking to buy this spring.

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.