Housing market in record start to year

THE housing market recorded its busiest-ever first week of the year while average asking prices underwent their fastest growth since May 016, figures show.

Data from property website Rightmove showed January kicked off with a 44 per cent jump in valuation requests from the same time last year.

It also showed a 15 per cent jump from last year in the number of buyers inquiring about homes.

Prices have soared throughout the pandemic and the continuing shortage of available homes has pushed prices even higher. Estate agents on average have only 1 homes to sell, a record low, according to Rightmove.

Meanwhile, cheap mortgages and and savings built up in lockdown have added to demand.

According to last year’s Budget forecasts, the house price rally will last five more years, with average prices rising 13 per cent by 0 6.

Prices for homes in the ‘first-time-buyer’ bracket hit a record level with an average of £ 14,176 needed to get on the property ladder.

Rightmove property data director Tim Bannister said: ‘All of the signs suggest that prices are likely to continue to rise until more choice is available.’