The average price of property entering the housing market climbed by 0.3% in January, according to the latest Rightmove House Price Index.
This equated to an increase of £852, to take the average to £341,019.
Rightmove revealed this level is 7.6% higher than in January 2021, and the highest annual rate of price growth recorded by Rightmove since May 2016. First-time buyer asking prices also hit a new record of £214,176 in January, following a monthly jump of 1.4%.
The number of buyers enquiring about homes is 15% higher than the same month last year, while Rightmove’s data also showed the number of available homes for sale per estate agency branch has dropped again to a new record low of just 12.
With both more enquiries from buyers and fewer properties available, Rightmove stated that the overall level of buyer interest per available property is almost double what it was at the start of 2021. As a result, more than 70% of the properties currently on estate agents’ books have already been sold, leaving less than 30% still available to buy.
Rightmove director of property data, Tim Bannister, commented: “New Year sellers and buyers have been quick off the mark this year, with Rightmove recording the highest ever number of Boxing Day sellers coming to market.
“These early-bird sellers who got themselves ready to come to market are now benefitting from the busiest start to the year that we’ve ever recorded, with the number of prospective buyers enquiring about homes up 15% on this time last year.
“People who have made it their New Year’s resolution to move are finding asking prices are within just 1% of the record from October last year, and are at the highest level ever recorded for first-time-buyer type homes. All of the signs suggest that prices are likely to continue to rise until more choice is available.”
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