The average asking price of a home coming to the market has hit a record high for the second month in a row according to Rightmove.
Its price index out today shows a small 0.1 per cent asking price rise, equivalent to £191, over last month’s figure. The average new seller asking price is now £294,542.
Rightmove says the drought in properties on sale continues, thanks to the seasonal summer slowdown and mortgage and affordability constraints.
The shortage is most acute for smaller homes with two bedrooms or fewer, where Rightmove sees the biggest demand in excess of supply.
Properties with two or fewer bedrooms also have the highest number of enquiries per property. This large mismatch is in the typical first-time buyer sector of units with two bedrooms or fewer, with 24 per cent more enquiries per property of this type than for larger properties with three or more bedrooms.
Smaller units benefit from demand from not only first-time buyers, but also downsizers and buy-to-let investors.
Rightmove claims that visits to its website and enquiries to estate agents are up by 22 in June compared to the same period a year ago, despite the fact that the number of properties coming to market is running at a weekly run-rate 10.6 per cent below the same period in 2014.
Rightmove says there are “signs of buyers hitting their affordability ceilings” thanks in part to a continuing shortfall in the number of new homes being built.
House prices rose by 7.6 per cent in the year to February,...
Average asking prices have increased at their highest rate for 10...
Agents have seen a bigger than usual New Year bounce in...
The latest research from Rightmove has revealed that the price of...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
In today's rapidly evolving property market, the focus on reducing transaction...
.png)
An exciting new collaboration between TVPN, EstateApps and Paul Long is...
By Mike Bilboe, Face For Business Buying or selling a home can...
LSL Estate Agency Franchising is home to one of the UK’s...
.jpg){kind=logo}
B-hive Block Management Partners Celebrates Major Milestone With Over 100 Businesses...
.jpg)
Tell us a little bit about National Home Move. We are a...
If you’re thinking about becoming an Estate Agency franchise or converting...
Estate agents and lettings agents have a legal obligation to protect...
You don’t have to simply accept things as they are when...
From the uptick in house sales in January to a house price...
Happy birthday to us….and all members of the The ValPal Network! We...
With a combined value surpassing £7.4 trillion, the UK’s 29 million...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
When almost all agents and developers use the tried and tested formula...
I think we can all agree that the National Trading Standards...
.png)
As domestic battery storage systems become increasingly prevalent in UK homes,...
.png)
A team from The ValPal Network joined industry Facebook ads expert...
.png)
In this interview, Riccardo Dawson, Chief Operating Officer at Alto and...
%20(002).png)
In today's fast-paced and ever-evolving property industry, it’s essential that forward-thinking...
A client account is essential to your lettings business, but the...
As electric vehicles increasingly populate our roads and the necessity for...
As estate agents, it is important to make sure that your...
Estate agency has changed. No longer is it required to sit in...
Changes to consumer behaviour usually arrive in waves. Most of the...
At iamproperty we are excited to share the announcement of our...
It’s no secret – 2023 is a difficult year for the...
In an exclusive interview with Estate Agent Today, Simon Coaker, Sales &...
2023 has been coined as ‘the year of AI adoption’, and...
%20(002).jpg)
There are a few common questions that arise when the issue...
As a signage company we know we have a serious responsibility...
The Government’s mini budget on September 23 was anything but ‘mini’...
Agent websites have become more crucial than ever in attracting new...
.png)
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Jump to latest comment and add your reply
"Rightmove says the drought in properties on sale continues, thanks to the seasonal summer slowdown and mortgage and affordability constraints."
Yes, I'd say it's partly down to these factors - in particular the expected summer slowdown - and sellers feeling in a relatively confident position at the moment, where they are holding out for their asking price for as long as possible.
This, of course, is a direct consequence of the lack of supply in the housing market. If sellers know buyers lack genuine alternatives they're more likely to hold out and be more hardball in negotiations, as is their right.
The Rightmove inventory flatters the market as some of it is not really available. Buyers, serious ones anyway, are waking up to the fact that the only way to stand a chance is register with local agents and get that vital first phone call
I love doing Code Trading System method it really works you should be able to find it just Google “Code Trading System”.
Please login to comment