The average asking price of a house breaks record levels for the fourth consecutive month.
The average price tag for a home in May was £367,501, up from £360,101 in April according to Rightmove.
It is reported that the property market has not witnessed such frenzied activity in the 20 years of tracking property values. The average asking prices have soared by £55,551 in the past two years, compared with a £6,218 increase in the two years before the coronavirus pandemic.
Tim Bannister, Rightmove’s director of property science stated: "What the data is showing us right now is that those who have the ability to do so are prioritising their home and moving, and the imbalance between supply and demand is supporting rising prices.”
"Though demand is softening from the heady levels we saw this time last year, the number of buyers inquiring is still significantly higher than during the last 'normal' market of 2019, while the number of homes for them to choose from remains more constrained.”
"We anticipate that the effects of the increased cost of living and rising interest rates will filter through to the market later in the year, and a combination of more supply of homes and people weighing up what they can afford will help to moderate the market."
The figures also exhibit:
The number of properties available to buy was 55% down.
The number of buyers connected with the estate agents is believed to be 14% down on the stamp-duty fuelled market this time last year but still 31% up as compared with the pre-pandemic year 2019.
The stats show a rise of 12% in agreed sales in the year to date as compared to 2019 but show a downward spiral of 17% in comparison with the same period last year.
Parklane Properties - the best marketplace for selling your property
As evidence shows, the average price tag on homes is soaring high every day, and it can be a difficult decision to choose the right estate agency to trust. Parklane Properties – one of the leading, and award-winning property experts in Leeds, is the hub for property specialists who are on hand to help you make the best choice for your property let or sale.
Why choose Parklane Properties?
Established in 1977, we are the leading property experts in Leeds. We quickly became renowned for our vibrant, innovative, and forward-thinking ethos, and our first-class customer service.
We have over 45 years of experience, so we know exactly what it takes to sell your property. We start things off with a no-obligation valuation and a property appraisal completely free of charge and then let you know the options available including how to price and market your property. After that, you can rest assured knowing your property is in safe hands.
Locations We cover
Parklane Properties cover a huge range of locations in Leeds. Whether you're a professional looking for a shiny new apartment in the city, a family looking to retreat in the leafy suburbs, or if you have a property ready to sell - Parklane Properties should be your first port of call when contacting estate agents in Leeds.
Book a free valuation here: https://valuation.parklaneproperties.com/home/1083 Or give our office a call on 0113 237 0000 and let us do the rest!