Asking prices hit record high as buyer demand heats up - Rightmove

Buyer demand per property for sale is more than double that of pre-pandemic levels, Rightmove claims.

The property portal’s latest House Price Index for September suggests competition for properties is “hotter than ever.”

Average time to secure a buyer was 37 days in August, down from 53 in the same month of 2020.

The sector is still catching up though with stock at record lows of 49 per agent on average but Rightmove says there are signs of a better-balanced autumn market with the number of new listings in the first two weeks of September 14% higher than the last two weeks of August

The index recorded asking prices at a new all-time high of £338,462, rising 5.8 per cent annually.

Rightmove said this is only £15 higher than the previous record set in July, a sign that prices are now stabilising.

Tim Bannister, director of property data for Rightmove, says: “This 14% increase in the number of new sellers coming to market in the first half of September is only an early snapshot, but autumn is traditionally a busy period, as those owners who have hesitated thus far during the year see the few months before Christmas as an opportunity to belatedly get their moving plans underway.

“The frenetic pace of this year’s market may also have put some potential movers off, but there are signs of a return of some normality.

“It’s still a strong sellers’ market in most of the country, so those looking to purchase need to do all in their power to maximise their appeal to sellers, who will often have several offers, and will usually choose the one that gives them the best chance of a quick sale. Agents are reporting that the most successful buyers are using tactics such as ‘sell before you buy’ to increase their buying power in this competitive market.”