Rightmove Boom: All-time high for sales agreed in a month

Rightmove’s latest house price index shows the highest number of sales agreed in a month for over a decade.

It’s 20 per cent above the previous high, and with a record total value of over £37 billion.

There’s also been the highest number of properties coming to market in a month since March 2008. 

On top of that, there’s an unseasonal record high for new seller asking prices in seven regions, but London drags down the national average to a 0.2 per cent fall due to its own more typical two per cent seasonal monthly drop. 

Sales agreed are up across all sectors of the market. They’re up 29 per cent in the first-time buyer sector, 38 per cent in the second stepper sector and 59 per cent for larger, top of the ladder homes. 

Rightmove says momentum is still building, with the latest weekly figure for the number of sales agreed having shot up by 60 per cent compared to the same week a year ago. 

Supply is soaring too. There are 44 per cent more properties coming to market compared to the same period a year ago, though there are considerable regional variations.

London has 69 per cent more properties coming to market, with the South East at 60 per cent and the East at 56 per cent.

Miles Shipside, Rightmove’s commercial director, says: “Not only are we seeing an unusually busy summer period, but also parts of the lending and legal sectors are having to cope with capacity constraints, as some staff will still be on furlough while many will still be working from home. 

“Patience will be required, especially with some lenders limiting their product ranges due to capacity constraints in their ability to process mortgages.”