UK property prices witness biggest monthly jump in 20 years
The price of property coming to market in the UK has risen by 2.3% this month, according to the February 2022 house price index statistics published by Rightmove.
The UK’s biggest online real estate portal and property website added that this increase represents a price rise of £7,785. It is the largest month-on-month increase recorded by Rightmove in over two decades and means the national UK average house price is now a record high £348,804.
These new figures mean that the average price of a property has increased by close to £40,000 in the last two years. Comparatively, in the two years prior to the pandemic, the average asking price rose only £9,000.
Property prices are also 9.5% higher than just one year ago, which represents the highest annual growth rate since the end of the third quarter in 2014.
Rightmove’s Director of Property Data, Tim Bannister, explained the record-breaking figures, saying: “The data suggests that people are by no means done with their pandemic-driven moves. Such a significant societal event means that even two years on from the start of the pandemic, people are continuing to re-consider their priorities and where they want to live.
“It seems that the fast-moving market has really hit home for sellers this month, with a number of those who are also buyers putting themselves in the best position to secure their dream home by becoming a ‘power buyer’ and getting their own home on the market first. This in turn is driving a rise in new listings compared to last year, giving the existing pool of buyers some fresh choice.”
Rightmove say their data suggests that the pandemic continues to be a big influence on many decisions made by both buyers and sellers. February’s price growth is likely being driven by the ‘second stepper’ market, as well as buyers fearing moving too slowly in the market to secure their ideal property.
With such as competitive market caused by a continuing shortage of available properties, Rightmove have noticed a considerable increase in enquiries to agents. The number of enquiries is 16% higher than the same time last year, primarily because of the increased activity from both buyers and sellers.
The company also reports that while an imbalance between buyer demand and the supply of available homes remains, there are early signs that equilibrium could be achieved soon.
With the value of property on the rise in the UK, now could be a great time to purchase a home. Check out the lots up for grabs in our forthcoming property auction