Average price of UK property hits new all-time high

The national average price of property coming to market has reached a new all-time high after rising by 0.3% this month, new data from Rightmove has revealed.

According to the latest Rightmove House Price Index, prices jumped by £1,091 in to hit £338,462 in September.

The average is just £15 higher than the previous record set in July, which Rightmove suggested shows that prices are now stabilising.

Rightmove’s latest index also stated that buyer demand remains “very strong”, but added that this is counterbalanced by increasingly stretched buyer affordability, disappearing stamp duty incentives and the “summer holiday mini-lull”.

“While the holiday starved took their break over summer, the high ratio of buyer demand to properties for sale means that the property market remains stock-starved despite the summer lull lessening overall activity,” Rightmove director of property data, Tim Bannister, commented.

“Competition among potential buyers to secure their next home is now more than double what it was this time in 2019. To be in pole position in the race for the best property you need to have greater buying power than the rest of the field.

“That traditionally would mean deeper pockets to outbid other buyers, but in the most competitive market ever, today’s ‘power buyers’ also need to have already found a buyer for their own property, or to have no need to sell at all.

“Agents report that buyers who have yet to sell are being out-muscled by buyers who have already sold subject to contract. Proof that you are mortgage-ready or can splash the cash without needing a mortgage will also help you to get the pick of the housing crop.”

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