The asking price of larger properties, which are typically known as second-stepper homes, has hit a record high, the latest figures from Rightmove show.
In its latest house price index, the website noted that the price of three and four-bedroom homes in the UK has climbed to an average of £291,618 around the country.
It appears that demand is strongest in the four-bed detached home and larger sector, where the number of sales agreed has increased a staggering 104 per cent year-on-year between August 2020 and the same month in 2019.
Overall, average property prices in the UK are up by five per cent year-on-year in September, with the average home now costing £319,996. Greater London is still where it’s most expensive to buy a home, with the average cost of property here now standing at £633,269.
Property data expert at the firm Tim Bannister commented: “Needing more space has always been the most popular reason for moving house, but now there’s a new urgency for extra space to be able to work from home, which means there are different sets of buyers competing for the same type of property.”
Anyone who’s looking for property in the capital could well be attracted to Hackney, with its vibrant neighbourhood and strong property price performance. As My London recently noted, property prices in Hackney have climbed by 2.2 per cent in the last six months, making homes here a good investment for buyers.
If you need help with your property search, get in touch with our experienced Hackney estate agents to tap into their local knowledge and help you find a home that meets your needs.