Rightmove states the average price of properties coming to the market across the UK now hits £368,614 which is the fifth month in a row to beat records. This month alone, prices have increased by 0.3% which works out to be £1,113, meaning the prediction for annual house price growth of 5% is still on track.
Buyer demand is still higher than last year by 6% and up by 113% compared to the pre-pandemic average for this time of year, however in the past month demand has dropped by 8%. Even though buyer demand has slightly dropped, the amount of new available properties coming to market has increased 7% compared to last year.
Currently across the board it is taking around 150 days for a home to complete, this means that those looking to move before Christmas need to start their moving journey as soon as possible.
If you are wondering what the current market means for your home or would like any property advice, call Oli or Andrew today on 01233 501601.
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