The national average price of property coming to market has hit at all time high according to Rightmove’s latest House Price Index.
The leading property portal reports that the average price across the country is currently £327,797, following a 2.1% (+ £6,733) monthly rise.
The demand for new stock has also reached fever pitch, with both the average number of days to sell a property reaching its lowest ever level and the number of houses selling within a week reaching never before seen levels.
Rightmove also announced that time spent on its web site in March exceeded two billion minutes in a month for the first time.
Ben Furnell, Managing Director of Furnell Residential, said that the information released by Rightmove is in line with its own experience of current market conditions. “Demand for stock is incredible. The minute we release details of a new instruction we are inundated with enquiries,” said Ben. “One recent instruction generated 58 genuine enquiries in a single day and sold within hours at well in excess of the asking price.”
Meanwhile, although there was evidence of property coming to the market it is not sufficient to satisfy current demand and will only serve to heighten interest in new stock which does become available.
Ben commented: “Demand is certainly outstripping supply by some distance and it is imperative that anybody who is actively looking for a house registers on our database as soon as possible. This is the best way to find out about our new instructions before they hit the open market.”
Looking further ahead there seems to be little sign of things cooling off any time soon.
“Once the economic measures introduced by the Government at the height of the Covid pandemic end there is bound to be some readjustments but not at the levels industry commentators were projecting at the start of the year,” concluded Ben.
Furnell Residential primarily covers Bardsey, Wetherby, Collingham, Scarcroft, East Keswick, Boston Spa, Harewood and parts of Harrogate.