< Back to blog

Average asking price for UK homes hits record amount Posted On 19 May 2021

The average house price has increased yet again in May

 

The average asking price of homes coming on to the UK property market hit a high of a third of a million pounds in May, according to figures from the property portal website Rightmove.

The average asking price has increased by 1.8%, or £5,767, over the past month to £333,564, the website said, with an “unexpected mini-boom” that started last year continuing well into 2021.

This mini-boom has been buoyed by the Stamp Duty Holiday, which was launched last summer, as well as the Lockdown Effect, with more people walking from home and the need for more outdoors space.

An imbalance between supply and demand in some areas of the country has put pressure on stock and allowed sellers to ask higher prices for their homes. Rightmove said average asking prices had increased most rapidly in Wales and the north-west of England, with increases of 13% and 11%, respectively, since the first lockdown in March 2020.

Tim Bannister, the Rightmove’s director of property data said: “Buyer affordability is increasingly stretched, but there’s obviously some elasticity left to stretch a bit more as many buyers are squeezing their way into higher price bands.”

He said there was both willingness and ability to pay more among buyers.

“There appears to be more headroom in buyers’ budgets among those looking to upsize. Family homes with three bedrooms or more are like gold dust in many areas of the country, especially in parts of the north,” he said.

For a free, no-obligation valuation to find out how much your property is worth, please contact us today.

< Back to blog

Connect with us

Recent Posts

Summer Days, Drifting Away…

Stop them in their tracks and make the most of the longer daylight hours   Summertime means our days seem longer. We are blessed with more sunlight. This means more serotonin (a key hormone in stabilising our moods and making us feel happy) and less melatonin (a hormone which signals our bodies to go to …

Read more...

‘Green’ Garden Furniture

Choosing Sustainable Garden Furniture   Gorgeous garden furniture is on the ‘to-buy’ list of many this summer. Choosing sustainable furniture allows you to purchase the perfect outdoor set guilt-free. Material selection is key. Your furniture needs to be durable, non-toxic and able to withstand both high and low temperatures. Wood is one of the best …

Read more...

Family Fun

Without breaking the bank   The summer holidays are rapidly approaching signalling seemingly endless hours in which our kids need to be entertained, educated and engaged. Panic! This is sure to be expensive right? Wrong! The most important thing you can give your children is your time and attention. There are plenty of ways you …

Read more...

There’s No Excuse to be Board

Re-discover Forgotten Board Games   Have you heard of Chaturanga? No? How about chess? Chaturanga is the original name for the now infamous board game: chess. Invented in India in the fifth century, chess is one of the oldest games that is still popular today with over 605 million adults across the globe regularly indulging …

Read more...