The average asking price of new homes on the market in Britain has hit a record high, according to Rightmove, with estate agents listing more homes as sold than they have for sale for the first time.
According to the website, sellers are asking for an average price of around £320,000, an increase of 1.1% since September and 5.5% more than October 2019 – an increase of £16,800. This boom in the housing market has been fuelled by temporary stamp duty holiday and many households reconsidering their lifestyles during the coronavirus pandemic.
In July 2020, Rishi Sunak announced there will be no stamp duty to pay on property purchases up to £500,000. This will last until March 2021.
Rightmove have said homes are being sold faster than ever, with agents having more properties marked as sold than available for sale. However, reports suggest this activity may be easing, with figures of number of sales agreed falling from 70% to 58% this past few months.
The data from Rightmove shows that asking prices have risen across the board, but particularly four-bedroom detached and larger homes, going on the market for an average of £575,000 – a rise of 2% since last month.
However, the director of property data at Rightmove has warned that “agents are commenting that some owners’ price expectations are now getting too optimistic, and not all properties fit the must-have template that buyers are now seeking”.