Asking Prices Hit All Time High

Despite the usual traditional summer holiday lull, fierce competition continues among buyers for a record low number of available properties for sale, with many who put off buying during the height of the stamp duty holiday now making their move. The latest data from Rightmove shows that the national average asking prices of newly marketed properties have risen by £1,091 this month to hit a new all-time high of £338,462, with buyer demand per property for sale more than double that of pre-pandemic levels. However, there are early signs of more properties coming to market, which may help to slowly rebuild buyer choice. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/property/asking-prices-hit-all-time-high-as-buyer-demand-continues-to-rise.html 

House Prices Dip As Sellers Seek Deals Before Tax Break Ends

Rightmove said asking prices for residential property fell in December and early January ahead of the expiry of a tax cut for buyers, but the country’s booming housing market remained busy. Prices for houses and apartments advertised between Dec. 6 and Jan. 9 were down by 0.9% from the previous month, slowing the annual pace of growth to 3.3% from 6.6% a month earlier, Rightmove said. But the number of buyers contacting agents was up by 12% and the sales agreed were up by 9% in January so far compared with the same period a year earlier, when the market was also strong. Read more on the Reuters website.

https://www.reuters.com/article/uk-britain-economy-houseprices/uk-house-prices-dip-as-sellers-seek-deals-before-tax-break-ends-rightmove-idUSKBN29N006 

More Properties Sell For Over The Asking Price

One in eight (13%) properties sold for more than the original asking price in August – the highest recorded since November 2015. NAEA Propertymark’s August Housing Report found that over half (53%) of properties still sold for less than the asking price last month. The average number of sales agreed per estate agent branch stood at 12 in August, a slight decrease from 13 in July. This is the highest figure recorded for the month of August since 2007. Read more on the Property Wire website.

https://www.propertywire.com/news/more-properties-sell-for-over-the-asking-price/