According to new figures from RightMove, the average asking price for a home in the UK hit a record high in October.
The average price for a UK home rose 1.1% last month to £323,530. The cost of homes on the website has increased by 5.5% over a year ago, equivalent to £16,818.
New data from RightMove is in the booming housing market. There, people who wanted temporary stamp duty holidays and more space led to higher job search prices.
“We see prices rising at high speeds as future buyers search for their next home and spurred them to gain momentum and act quickly,” said Tim Bannister, director of property data at RightMove.
“As the number of buyers still contacting agents two-thirds a year ago, there’s plenty of fuel left in the tank to encourage more activity towards Christmas and next year.”
“The agent commented that price expectations for some owners are becoming too optimistic, and not all properties fit the essential templates that buyers are currently looking for,” Bannister added.
“Not only does it have time to legally complete before the March 31 stamp duty deadline is eaten up by the calendar, but it also requires more time as the huge amount of sales is time-consuming to sell agreed to complete the process.
“Therefore, it is important to note that while the activity level continues to surprise, the seller and his agents are too optimistic about the initial asking price, as there are some indications that the momentum will be eased from these unprecedented levels.”
However, high activity in the housing market may be driven away. In September, sales numbers rose 70% compared to the same period a year ago, but sales in October fell to 58%.
In addition to more sales at higher prices, RightMove confirmed with new data that it also reduces the time it takes to complete sales.
The average number of days it took to sell a home in October was a record 50 days. This is 12 days faster than the same time one year ago.
