After months of inadequate data due to the uncertainties and ever-changing climate of the market surrounding the pandemic, the Rightmove House Price Index has defined numbers for property prices for listings coming to the market.
July shows the average price of new listings is £320,265. This is up by an average of 2.4%. This is in line with the May Index forecasting a steady bounceback after the market crisis of the spring months.
The data shows that demand is high, with unique buyer inquiries since the beginning of July jumping up 75% year-over-year.
Meeting this demand, properties coming to the market has gone up 11.1% year-over-year.
Miles Shipside, Rightmove Director and housing market analyst explained:
“The market is now in full flow with 40,741 (44%) of the 92,085 newly listed properties in the first month after the English market reopened having already found a buyer, compared to 34% for the equivalent dates last year.”
He warns sellers that although the show of demand might lead some to believe they can sell their listing quickly, they should not over-price their properties.
“It’s still a price-sensitive market with buyers having limits on what they are able to borrow, and the uncertain economic outlook making them more cautious.”