Despite high inflation, a cost-of-living crisis and rising mortgages rates, asking prices are at record levels for the sixth month in a row, according to figures from property website Rightmove.
With the average London home now costing almost £700,000, the portal is asking whether such continued house price growth is sustainable.
While temperatures soared in July, the market remained pretty hot too, according to Rightmove’s data expert Tim Bannister. However, he described house prices as likely to move ‘from a boil to a simmer’ as the year progresses.
This is because the high buyer demand, which has been a feature of the market for so long, has begun to drop slightly alongside more sellers listing their properties for sale than a year ago.
According to Rightmove, these conditions mean a “win-win” scenario for home movers with higher asking prices for sellers and more choice in the market for buyers. Says Bannister: “If you’re thinking of selling your home, you’re likely to achieve a good price, given the sixth asking price record in a row that we’ve now seen.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
Buying and selling at the same time?
Here are 10 things that could go wrong, and often do go wrong, and what, if anything, you can do to avoid them.
“In the current fast-changing economic climate, those looking to buy who find a suitable home they can afford, may choose to act now rather than wait.”
Although more sellers are coming to the market, the number of homes for sale is still below pre-pandemic levels creating a continued imbalance between supply and demand. “Because of this, we’re forecasting prices will jump by 7% by the end of 2022, rather than the 5% growth we forecasted at the start of the year,” says Bannister.
Read more about this story on the Rightmove website.
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