The price of property coming to market has hit a fourth consecutive record of £367,501, up by 2.1% monthly (+£7,400) in May says Rightmove. Average asking prices have risen more than £55,000 in the past two years, compared to a £6,000 rise in the two years before the pandemic. Activity levels remain strong and still significantly higher than pre-pandemic, though there are signs that the frenetic market is starting to ease.
The number of buyers contacting estate agents in the month is 31% higher than the more normal 2019 market, but down 14% year-on-year. The speed of the market means available properties are down 16% compared to last year and down 55% compared to 2019, with new stock most desperately needed for two- and three-bedroom semi-detached homes.
