The average price of a house in Britain has exceeded £350,000, according to Rightmove
The average price of a house in Britain has topped £350,000 for the first time, according to the Rightmove website.
Sellers were typically asking £354,564 for a property in March – 1.7% or £5,760 more than in February – the website has revealed.
This is the largest monthly increase seen at this time of year since March 2004.
The average price of a ‘high-end’ home with at least four bedrooms has risen by 3.8% or £23,619 this month to £647,112.
Rightmove said asking prices were generally 10.4% higher than a year ago – the highest figure on record since June 2014.
Asking prices are fueled by an imbalance between buyer demand and the number of properties available for sale, making this a strong spring seller’s market, Rightmove said.
There are now more than twice as many buyers as sellers active in the market according to the website, which it says is the biggest mismatch between supply and demand it has ever seen at this time. period of the year. Agents report that despite current high demand, a price reduction is often necessary if a property has not found a buyer within the first two weeks.
Tim Bannister, Director of Real Estate Data at Rightmove, said: “Many of those selling in this record market are obviously also faced with the prospect of buying again in the same market and competing fiercely with others. buyers.
“Having a buyer for your own property, subject to a contract, puts those who buy again in a position of strength over buyers who have not yet sold, and agents report that these ‘power buyers’ are more likely to get the property they want and negotiate the best deal on price.
Mr Bannister continued: ‘Agents report that despite current high demand, a price reduction is often required if a property has not found a buyer within the first two weeks.
“The property may be too niche and have to wait for the right buyer with those specific requirements to come along, but more often than not this is because potential buyers are let down by a seller looking for a price. asked too optimistic compared to others. properties that are snapped up at record speed. Acting quickly on a price reduction before the property becomes obsolete can help get sellers back on track for a faster sale.
Kate Eales, regional agency manager at Strutt & Parker, said: “We are starting to see gradual increases in the number of homes coming on the market as spring approaches.
“The increase in demand for larger homes is evident as buyers seek more space, including room for a home office.
“The trend of significant numbers of people planning to work from home three days a week or more in the longer term has created new hotspots across the country for part-time commuters, including Shropshire, the North Cotswolds and Suffolk.
“Regional price increases were supported by buyers adapting to this competitive market by looking to nearby towns and cities for what might have been their preferred location.”