I Am The Blog

The latest property news from your online estate agent.

I Am The Agent Blog

June 21 House Price Index

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