27/05/2022
Fourth new record puts prices £55,000 higher than pre-pandemic!!!😱😱
Price of property coming to market hits a fourth consecutive record of £367,501, up by 2.1% monthly (+£7,400):
• Average asking prices have risen more than £55,000 in the past two years, compared to a £6,000 rise in the two years before the pandemic
Activity levels remain strong and still significantly higher than pre-pandemic, though there are signs that the frenetic market is starting to ease:
• The number of buyers contacting estate agents in the month is 31% higher than the more normal 2019 market, but down 14% year-on-year
• Speed of market means available properties down 16% compared to last year and down 55% compared to 2019, with new stock most desperately needed for two and three bedroomsemi-detached homes
• Sales agreed are up 12% year to date compared to the same period in 2019, and down 17% year to date compared to 2021
New Rightmove analysis tracks first-time buyer affordability and the impact of rising interest rates:
• Average monthly mortgage payments are back to being higher than rental payments after four consecutive interest rate rises, though historically low interest rates make mortgage payments only 11% higher than ten years ago , while rental payments are 40% higher
• Solo first-time buyers hardest hit, now needing a 34% deposit compared to a 25% deposit ten years ago
If you have a property you are thinking of selling or letting, contact us today!!!
📞 01793 534534
📧 [email protected]
