A continuing desire to move and low numbers of homes for sale are driving further price growth even at a time when personal finances are becoming increasingly stretched says the latest data from Rightmove. It says annual price growth is now +9.3% as the average asking price of a property hits its sixth consecutive record this year at £369,968.
Price Forecast up to 7%
Rightmove has now revised its full year 2022 house price forecast up from 5% growth to 7% despite a cooling market, as record low stock volumes struggle to recover enough to meet buyer demand, although the portal says there are signs of this improving. The number of new sellers coming to market is up by 13% compared to this time last year, however, available stock is still 40% down on June 2019’s levels which will help to underpin prices.
Demand to move is coming off the boil but remains high despite economic and political uncertainty.