Strongest market in a decade for property sellers, says Rightmove

THE average price tag on a home in Britain jumped by nearly £2,500 in March, in signs that the market for sellers is at its strongest in a decade, according to a property website.

Rightmove said average asking prices rose by 0.8 per cent, or £2,484, month on month in March, taking the typical price sellers are seeking to £321,064.

Nearly two out of every three (62 per cent) properties on estate agents’ books are now sold subject to contract, it added.

The number of potential buyers inquiring about each available property is 34 per cent higher than a year ago.

One estate agent reported having 17 potential buyers chasing every new home listed typically.

Buyers are eagerly anticipating fresh choice coming to market, making it the best sellers’ market of the past 10 years, Rightmove said.

Meanwhile, rents outside London surged by eight per cent annually in February, an index has found. Across Britain but excluding London, the average price of a newly let property was eight per cent higher or £68 per month more than in February 2020, according to Hamptons.

The findings marked the strongest increase in rents since Hamptons’ index started in 2012.

In contrast to other parts of Britain, rents in London dipped by 0.2 per cent annually, to £1,759 on average.

There is also an urban-rural divide, with 16 per cent more homes available to rent in cities across Britain in February 2021 than a year earlier. In town and country locations, there have been respective declines of 28 and 52 per cent over the same period.