Rightmove has stated that UK house prices have increased by the largest monthly amount recorded over the last 20 years at 2.3% (£7,785). This brings the overall average price to £348,804. This means since February 2021, house prices have risen by 9.5% which is the largest growth rate in prices since 2014. Since the pandemic began, this means on average homes have increased by £40,000. With March being the best month to market your home, there is a high chance that the market will continue to be strong as stock is still limited, pushing prices higher.
According to Rightmove (2022), buyer enquiries increased by 16% in February 2022 compared to the year prior. This means with this high demand from potential buyers, sellers are still in a very strong position when coming to the market. There is still a low number of available properties, therefore if you are thinking of selling you may find your property reaches a sold price higher than you expect as we are seeing some homes having multiple offers from different applicants. This can leave you in a better position as you can choose which buyer is best for you and your next home.
If you are thinking of moving, speak to Roy, Andrew or Oli today about the current market, no matter if you are a buyer or a seller. They can advise you the best position to be in when looking for your next home, call us on 01233 501601.