Mass-market prices hit new record as upper end cools
The Rightmove Price Index was released this morning and gives a national picture of house prices and activity over the past few weeks.
- New record highs in price of property coming to market in the mass-market sectors, made up of first-time buyer properties, up by £1,328 (+0.6%) in the month, and second-stepper properties, up by £975 (+0.3%) in the month
- Cooling of the upper-end four-bedroom-plus sector, down by £4,699 (-0.8%) in the month, with buyers no longer making larger stamp duty savings
- Overall result is that the national average falls £1,076 (-0.3%) this month, the first price drop recorded in 2021
Buyer demand remains strong, suggesting an Autumn bounce in prices and seller activity:
- Demand stats for the first week in August are up 56% on the same period in 2019, and down just 17% on frenzied post-lockdown 2020
With homes selling faster than ever, there’s a strong incentive for owners to come to market with “sell before you buy” proving the best tactic for many to secure their next home in this fast-moving market.
To read the full Rightmove House Price Index, please click here