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Average House Prices ‘On The Rise’

The latest house price index from property portal Rightmove has revealed that asking prices for homes in London have climbed slightly compared to June 2019, with the average asking price in the capital now at £628,000.

However, prices are still 1.7 per cent lower than they were before lockdown restrictions were introduced back in March, Homes & Property reports.

Data from the portal indicates that sales in London between the middle of May and the beginning of June were agreed at 97.5 per cent of the asking prices, which suggests that people are seeing lower discounts than back in February. But asking prices have also dropped since then, so sold prices are likely to be similar to those before the pandemic.

The website has estimated that there are 175,000 sellers who would have put their home on the market between March and May but couldn’t because of lockdown. But now it seems that many are now back in the game, with a record number of homeowners around England requesting valuations since March 13th.

Rightmove’s Miles Shipside was quoted by the news source as saying: “The figures at present show an activity-boosting and price-underpinning dynamic between supply and demand, driven by low mortgage rates and pent-up housing needs.”

He went on to add, however, that this will be challenged when we see a spike in unemployment, or if mortgage providers begin to pull back.

Further Rightmove research also shows that househunters are now looking for properties with more space, with flats no longer in the top five most sought-after places to live.

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