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The asking price of homes coming on to the market in Britain is hitting new heights, according to statistics from the property website Rightmove.
The firm’s latest monthly analysis of new listings found sellers were asking for an average price of £323,530, a 5.5 per cent increase compared to this time last year.
Property professionals suggest the current house price boom is a result of chancellor Rishi Sunak’s temporary stamp duty holiday combined with an urge among buyers to change their lifestyle and increase their living space as a result of lockdowns, travel bans and working from home policies.
The market may be starting to cool, however, with Rightmove recording a year-on-year rise in sales of 58 per cent in October, a decrease from the 70 per cent year-on-year increase in September.
Tim Bannister, Rightmove’s director of property data, told The Guardian: “Prospective buyers are seeing properties selling fast and prices rising as they search for their next home adding to momentum and spurring them on to act quickly.
“With the number of buyers contacting agents still up by two-thirds on a year ago, there is plenty of fuel left in the tank to drive further activity in the run-up to Christmas and into next year.”
Property firm Savills meanwhile reported an average of 868 £1m-plus sales being agreed each week since the beginning of June, 66 per cent higher than the weekly average over the same period in 2019. The Cotswolds witnessed a 94 per cent surge in deals over the period, with South Oxfordshire up 78 per cent and Dorset up 69 per cent.
In upscale London districts such as Westminster, Kensington and Chelsea, and Camden sales of £1m homes were down by 10 per cent year on year.
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