Homeowners will be pleased to hear their house could have gained considerable value over the last few months, thanks to a thriving property market.
According to the latest Rightmove House Price Index, the average price of a home in the UK has reached £360,101. This is 1.6 per cent, or £5,537, from the month before, and as much as 9.9 per cent from last year.
The data also found values have risen consistently over the last three months, with the quarter’s price increase of more than £19,000 being the largest on record.
Director of Property Data at Rightmove Tim Bannister said: “The strong momentum has carried over from last year and, combined with the impetus of the spring moving season, has delivered the quickest selling market we’ve ever seen.”
He added that houses are coming off the market at an unprecedented rate, with properties selling twice as fast as they were in 2019 – the last time the market was normal.
While Mr Bannister recognised this fast-paced environment could put off some buyers who do not want to deal with this level of competition, it could also have its benefits.
“If you can secure both a quick sale and a quick purchase then it’s a lot less stressful than the uncertainties of a slower market,” he stated.
This is why more than 125,000 new vendors have put their houses on the market this month, and why 53 per cent of homes are selling at their asking price or above, as homebuyers compete with each other to get their offer accepted.
According to the statistics, it is taking an average of just 33 days to secure a buyer, compared with 67 days in 2019.
For help finding your dream home, give Hackney estate agents a call today.