One in four properties sell within a week

Prices have hit a record a high as homes sell at the fastest pace ever recorded by Rightmove. Although 145,000 properties were newly marketed on the portal this month, this still isn’t meeting buyer demand.

A monthly price surge of 2.1% (+£6,733)  has propelled new seller asking prices to a new record high, with the national average now standing at £327,797, according to the latest house price index from Rightmove.

This figure shatters the previous record, set in October last year, by over £4,000. The big jump comes as buyer demand sets another new record, chasing the lowest ever proportion of property available to buy. This is the fastest-selling market that Rightmove has measured since its records began.

Tim Bannister at Rightmove attributes this surge to buyers’ new space requirements cheap mortgages, government support for 95% mortgages, the stamp duty holiday extension and a shortage of suitable property to buy.

Two- and three-bedroom semi-detached houses are being snapped up quickest, with 30% of those that are being marked as sold by agents having been on the market for less than a week.

There’s also growing optimism due to the vaccination roll-out, which is helping drive the momentum for a fresh start in fresh surroundings. It does mean that this Spring’s buyers are facing the highest ever property prices, though it seems that buyers are undeterred.

If you’re looking to buy in the current frenetic market then you need to be on your toes and ready to move more quickly than ever.

“Some of the froth is likely to come off this spring surge later in the year, as the challenging economic conditions come to the fore, some of the Government support to individuals and businesses unwinds, and the stamp duty holidays finally end in England and Wales,” says Bannister.

Read the full report here