Average house prices hit record high across nation
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For the first time since March 2007, records were seen across the board, on three different market sectors analysed by property site Rightmove as well as across all nations and regions.
The average asking price jumped by 1.8 per cent or £5,983 in October to reach £344,445.
A typical first-time buyer home rose to £210,672, while one on the second step of the property ladder reached £315,486.
The average for a larger family-sized house at the top of the market was £630,819.
Rightmove’s director of property data Tim Bannister said: “Competition for property for sale remains hot this autumn, with average prices jumping by almost £6,000 in the month.
“Although more properties are coming to market, the level is still not enough to replenish the stock that’s being snapped up.
“Consequently, new price records have been set across the board, with every region of Great Britain and all of the three market sectors hitting alltime highs.
“Consequently, new price records have been set across the board, with every region of Great Britain and all of the three market sectors hitting alltime highs.
“This ‘full house’ is an extremely rare event, happening for the first time since March 2007.” Mr Bannister said stock shortages seen after the first lockdown looked set to continue.
The number of sales being agreed was up by 15.2 per cent in September compared with the same period in 2019, Rightmove said.
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Record prices present an opportunity for owners looking to cash out if they are downsizing or not needing to buy another property, it added.
Mark Ross, boss of estate agent Redbrik, said accurate pricing is key to attracting buyers.
He added: “We expect prices to continue to rise, albeit at a steadier pace. This should give buyers and sellers more confidence to come to the market as they better understand the less frantic conditions.”
Cory Askew, head of sales at Chestertons estate agents, said: “Despite the stamp duty tax-free threshold (in England and Northern Ireland) having returned to its normal level on October 1, the demand from house hunters hasn’t slowed down.”
But Nick Barnes, head of research at Chestertons, said: “The end of the stamp duty holiday and the Government’s furlough scheme will act as a break on buyer demand, which will limit price growth going forward.”
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