Lockdown: Rightmove give advice to renters during pandemic
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The property market across the UK is booming at the moment with prices at a record high. The UK's largest online real estate portal and property website Rightmove saw a whopping 9.3 million visits to the site in a single day. A busy housing market means demand is outstripping supply, sending prices spiralling upwards.
Rightmove said they have seen more houses selling within the space of a week than ever before.
The site also saw 145,000 property listings this month but that has not been enough to satiate growing demand within the market.
What impact does such a heated market have on buyers and sellers?
The property market is being driven by a plethora of factors.
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The stamp duty holiday extension, 95 percent mortgages and the Covid vaccine have all created a booming property market.
A lot of buyers' priorities have also changed with home hunters now desiring home offices, more space and a garden.
Richard Freshwater, Director at Cheffins estate agents told Rightmove the amount of properties available is low due to high demand.
He said: "This is the biggest lack of stock we've seen on the market for at least the past 20 years.
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"Demand is huge, created by a perfect storm of low interest rates, the stamp duty holiday and changes in people's working patterns.
"The dreary five-day-a-week commute for many is now over and this has led to areas outside of London becoming some of the most in-demand."
Mr Freshwater has said that there is so much stiff competition among buyers that they have resorted to "sealed bids".
Rightmove said more than 25 percent of sales since February have ended in best and final offers.
He added: "A good example of this is a five-bedroom house in Great Shelford, just outside of Cambridge, which saw 27 viewings in just over a week and 12 offers. It eventually sold for well over the asking price."
Rightmove said they can't compare the current market with the same period last year because the property market was put on pause.
However, they said the number of properties coming to market compared to the same period on 2019 is up by three percent.
The number of sales agreed is also up by 55 percent when compared to the same period.
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Average asking prices from sellers are now also at their highest-ever average.
The national average price of a property coming to the market has risen by £6,733.
That means the average price of a property is now £327,797 - £4,000 higher than the previous record in October 2020.
Tim Bannister, Rightmove's property expert, said it's a big jump, especially considering the country has been in lockdown.
He said: "This is only the second time over the past five years that prices have increased by over two percent in a month, so it's a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population's movements and activities.
"The property market has remained fully open, and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all-time high."