The average asking price for a house reached a record high for the fourth month in a row.

Rightmove said the average property price this month was £ 367,501 – up from £ 360,101 in April.

Over the past two years, the price has risen by 55,551 pounds – compared to the increase of 6,218 pounds observed two years before the coronavirus pandemic.

Rightmove said that in 20 years of tracking property prices it has never before seen such frantic activity in the market.

Tim Bannister, director of property science at Rightmove, said: “The data shows us now that those who have the opportunity to do so prefer their homes and relocations, and the imbalance between supply and demand supports rising prices.

Although demand is easing from the heady levels we saw at this time last year, the number of buyers requesting is still much higher than during the last “normal” market in 2019, while the number of homes with which they can choose remains more limited.

“We expect the effects of rising cost of living and rising interest rates to advance to the market later this year, and the combination of a greater supply of homes and people weighing what they can afford will help restrain the market. “

The figures also show:

• The number of objects for sale is 55% less than in 2019
• The number of buyers turning to real estate agents last year fell 14% in the market with government duties, but still rose 31% compared to the market before the 2019 pandemic
• The number of sales agreements increased by 12% for the year compared to 2019, but decreased by 17% compared to the same period last year

John O’Malley, executive director of real estate agency Pacitti Jones in Glasgow, said: “Although the frantic activity of buyers has calmed down, the market is definitely holding strong and now we see larger volumes of sellers who feel more comfortable when exhibiting their real estate to market before making an offer on another.

“Prices remain very reliable, and significant offers are being made throughout the market.”

Aled Ellis, director of Aled Ellis & Co in Aberystwyth, said: “The real estate market in our area is still reviving despite inflationary pressures and higher interest rates.

“The trend will continue, as there is very little in the market, and when that happens, we will negotiate a sale very quickly.

“Starting with COVID, we still see that far more people can work from home and want to live in the countryside as long as the broadband connection allows them to do so.”

https://news.sky.com/story/average-asking-price-for-a-house-hits-record-high-for-fourth-consecutive-month-12619433

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