The number of potential buyers enquiring about each available property has seen an annual rise of 34% to reach a new record high, according to the latest Rightmove house price index.
Rightmove says that the “greatest excess of demand over supply over the past ten years” has pushed up the average price of property coming to market by 0.8% this month.
The start of the traditional spring selling period saw the number of sales agreed for the first week in March up by 12% year-on-year, despite a shortage of available stock.
Rightmove also reported a daily average of over seven million visits to its site in February, 40% up on February 2020.
Tomer Aboody, director of MT Finance, commented: “The extension of the stamp duty holiday has further boosted confidence, which was already high, in the housing market.
“Buyer demand has dramatically increased over the past year due to the requirement for more space. Many Londoners have been looking for much larger pastures new, heading to the traditional commuter belts of Surrey, Hampshire, Sussex and Berkshire, and even further afield such as Norfolk. More space – both inside and out – combined with better of quality of life for the children is more than ever the number one priority for families. With lower-priced properties outside the capital, combined with low interest rates for those requiring mortgages, it is a win-win scenario.
The post Buyer demand rises 34% to record high: Rightmove appeared first on The Mortgage Bureau.
https://www.themortgagebureau.co.uk/first-time-buyer/buyer-demand-rises-34-to-record-high-rightmove/
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