^{Here is the latest property news from our partners at Rightmove.}

^{The market still frenetic but early signs of slowing due to record prices and lack of choice}

• Price of property coming to market rises by a relatively modest 0.8% (+£2,509) this month, though still the largest rise at this time of year since 2015, and prices are now at a record in all countries and regions of Britain
• High prices combined with an all-time low in the number of available properties on agents’ books are starting to slow the market’s frenetic pace, with sales agreed in May 17% ahead of same period in 2019, slackening from April’s +45%
• Top-of-the-ladder buyers are more insulated from mass-market’s increasingly stretched affordability:
  • Average prices up by £67,394 since March 2020 for properties in this sector (+12.3% compared to +7.5% for all properties)
  • The number of sales agreed on properties over £500,000 in May was 49% above the same period in 2019, despite buyers knowing they will miss the maximum stamp duty saving that comes to an end in June
• Cash-rich relocators from more expensive areas also fuelling prices in fastest-growing regions:
  • Welsh prices up by 14.6% since March 2020, and also the highest jump in buyer demand, up by 44%
  • South West prices up by 11.4% with properties selling more quickly than ever recorded, resulting in fewest properties available for sale per estate agent of any region in England – just ten per agent branch

 House Price Index – Country, region and city summary

Summary

• The price of property coming to the market rises by 0.8% (+£2,509) this month, pushing the national average to a new record high (£336,073) for the third consecutive month. 
• It is still the largest rise at this time of year since 2015, buoyed by the strength of both the top end of the market and hotspot lifestyle change locations.
• This has resulted in new record highs for prices in all countries and regions of Britain, further stretching affordability for mass-market buyers whose ability to move is also affected by an unprecedented lack of choice of property to buy.
• Buyer demand continues to outstrip supply, and the market’s size is constrained until supply picks up again.
• The number of sales agreed by estate agents in May was 17% ahead of the comparable period of 2019, 
• The average number of properties available for sale per estate agency branch is at an all-time low of just 17, falling even further from the record low of 19 in the previous month.
• While the number of sellers coming to market picked up in March and April, this uptick in new supply has failed to continue in recent weeks
• The number of sales agreed for properties priced over £500,000, the majority of which will be in the top-of-the-ladder sector, was up by 49% in May compared to May 2019. This is despite buyers knowing they were certain to miss out on the maximum stamp duty saving that comes to an end in June.
• The housing market as a whole has seen an average price rise of 7.5% since March 2020 (+£23,448), but the top-of-the-ladder sector has seen a £67,394 price rise (+12.3%).
• Another cash-rich segment of the market is those who are relocating from more expensive areas, and their activity is also fuelling prices in the fastest-rising regions.
• Prices of newly marketed properties in Wales are up by 14.6% since March 2020, the biggest rise in Britain. The second-largest price rise is in the South West, up by 11.4%.

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