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