house prices hit new record

The average price of property coming to market has hit a sixth consecutive record.

Figures from Rightmove report the average house price is now £369,968, an increase of 0.4 per cent in the month (£1,354).

The latest data from the leading property portal has encouraged a revision to their full year house price forecast to 7 per cent growth, up from the previous forecast of 5 per cent, as record low stock volumes struggle to meet buyer demand.

Buyer demand continues to exceed historically normal levels and is now 26 per cent higher than in June 2019, although down 7 per cent on June 2021.

However there are signs of the stock situation improving with the number of sellers up by 13 per cent compared with this time last year, but the number of homes for sale is still 40 per cent down from 2019 figures.

Ben Furnell of Furnell Residential said: “New sellers are definitely coming to market in greater numbers keen to take advantage of increasing prices. This is extremely good news as it creates the additional stock we are desperate for to satisfy the demand and makes the whole market far more fluid.

“The increasing cost of borrowing and the current political and economic uncertainty may have an impact on buyer demand and cause a slight cooling in the second of the year although I don’t expect this to be significant.”

Established in 2018, Furnell Residential is a family owned estate agency covering North Leeds, Wetherby, York, Harrogate and surrounding areas.