House prices have risen to a new record high and properties are selling at the fastest pace ever recorded, according to the latest Rightmove house price index.
Its figures show that the average price of property coming to market hit a new all-time high of £327,797, following a 2.1% monthly jump. This figure shatters the previous record, set in October last year, by over £4,000.
The number of sales agreed is up by 55% on same period two years ago, reducing the stock of properties that are available to buy to the lowest proportion ever recorded. 145,000 properties were newly marketed this month, but Rightmove says this is still not enough to meet buyer demand.
Rightmove says the ‘buying frenzy’ for new stock has pushed the average number of days to sell a property to its lowest ever level and the number of houses selling within a week to its highest ever level.
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.
Rightmove says this is now the fastest-selling market it has measured since its records began.
The post House prices hit new high as properties sell at fastest pace ever recorded: Rightmove appeared first on The Mortgage Bureau.
https://www.themortgagebureau.co.uk/first-time-buyer/house-prices-hit-new-high-as-properties-sell-at-fastest-pace-ever-recorded-rightmove/
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