Fam­ily home prices reach all-time high as buy­ers seek space

The Daily Telegraph - Business - - Front Page - By Mar­i­anna Hunt

ASK­ING prices of fam­ily homes have hit record highs, as ven­dors take ad­van­tage of soar­ing de­mand for more space since lock­down.

The av­er­age ask­ing price of a three or four-bed­room house reached a new high of £291,618 in Au­gust, ac­cord­ing to web­site Right­move.

Over­all, prices of prop­er­ties listed on the site rose by 0.2pc over the past month to £319,996, just short of the record high reached in July.

The North saw the big­gest rises, with prices in York­shire and the Hum­ber, the East and West Mid­lands, North East, North West and Scot­land all at new highs.

De­mand for more rooms was pow­ered both by buy­ers with fam­i­lies and those who are work­ing from home.

Right­move records ask­ing prices, which are dis­tinct from ac­tual sale prices, which could be lower.

How­ever, the site’s Tim Ban­nis­ter said: “With over­all ask­ing prices just a few hun­dred pounds shy of July’s record and buyer de­mand at an all-time high, those cur­rently look­ing for their next home are likely to find that only of­fers close to the ask­ing price will be con­sid­ered, es­pe­cially for larger homes.”

De­spite the hous­ing mar­ket freeze, the num­ber of sales agreed since Jan­uary is just 5pc lower than in the same pe­riod in 2019.

Soon, sales are likely to ex­ceed last year’s lev­els, Right­move said, as there are 40pc more cur­rently be­ing pro­cessed than 12 months ago, lead­ing to back­logs.

Ru­pert Sweet­ing, of es­tate agent Knight Frank, said that even more than roomy in­te­ri­ors, buy­ers wanted an out­door space.

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