U.K. house prices rose in March to a new high for the second consecutive month, according to new data from property portal Rightmove PLC.
The average price of property coming to the market rose by 5,760 pounds ($7,573) in March, an increase of 1.7% and breaking through the GBP350,000 barrier for the first time.
First-time buyer asking prices hit a record GBP214,176 after climbing 1.4% in a month. The portal measured 98,310 prices across the U.K over the period from Feb. 13 to March 12.
Rightmove said the national average asking price is now 10.4% higher than in March 2021, marking the highest monthly rate of price growth recorded by Rightmove for March 2004.
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There are now more than twice as many buyers as active sellers in the market, making it the most mismatched supply and demand ever recorded at this time of year, Rightmove says.
Around 22% of homes are snatched up within the first week of marketing on the property portal, twice as many as the comparative period in 2019, and almost half have a sale agreed within two weeks.
"All sectors of the market are experiencing very brisk conditions and we expect the strong market to continue until economic forces combine to move the supply and demand balance closer towards equilibrium," Rightmove's property-data director Tim Bannister said.
However, there are headwinds likely to put the brakes on the market in the second half of the year, and Rightmove points to the Bank of England's interest rate rise--the first predicted of several this year--along with inflation and cost of living increases.
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"Our forecast is that overall transaction numbers for 2022 will revert back to pre-pandemic levels, as the market returns to a more even balance," Mr. Bannister said. Source: Marketwatch...
