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House Price Index – March 2022

Thursday 05 May 2022

According to Rightmove, March was the best ever Spring sellers’ market as prices hit another new record with another jump of 1.7% meaning the average price across the UK has broken through the £350,000 price barrier for the first time at £354,564 – this is the largest at this time of year since March 2004. Yorkshire and Humber have seen a monthly change of plus 1.2% with an increase of 12.4% v last year.

The most expensive sector of four bedrooms plus has seen an average 3.8% monthly price surge with 12% more new listings in this sector at this time last year. However, it is the more mass market ‘second -stepper’ sector that is selling fastest with just over half (50.3%) of these homes finding a buyer within the first two weeks of marketing.

Spring this year is the best sellers’ market, not just because of the record price levels but also as we enter the Spring selling season, there is the biggest mismatch between supply and demand for this time of year ever measured by Rightmove with more than twice as many buyers as sellers.

The chance of finding a buyer in the first week is the highest ever and twice as likely compared to the same period in 2019 (pre-Covid). Almost half 47%, are having a sale agreed within the first fortnight, another indication of high demand and the chance of finding a buyer quickly.

Tim Bannister, Rightmove’s Director of Property data comments “despite the current high demand, a price reduction is often needed if a property has not found a buyer in the first two weeks. It could be that the property is too niche and has to wait for the right buyer with those specific requirements to come along, but more often it’s due to prospective buyers being underwhelmed by a seller looking for an over-optimistic asking price compared to other properties that are being snapped up at record speed. Acting quickly on a price reduction before the property goes stale can help to get sellers back on track for a speedier sale.”

David Phillip commented “all sectors of the market are seeing brisk conditions. Sellers with an appropriately priced and well-presented property can expect a shorter marketing period than the norm. Having a buyer for your own property, subject to contract, puts those who are buying again in a much more powerful position than those who have yet to sell, we call these people ‘power-buyers’ and are more likely to get the property that they want and negotiate the best deal on the price.”

Rightmove forecast that the overall transaction numbers for 2022 will revert back to pre-pandemic levels, as the market returns to a more even balance, but currently the number of sales being agreed by Estate Agents is 11” higher compared to the same period in the more normal market of 2019

So, if you are considering selling your home in the buoyant Spring months and would like a free market appraisal call me, David Phillip FRICS on 01134 676 400

David Phillip Estate Agents w: 86, Leeds Road, Bramhope, Leeds LS16 9AN

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