With the arrival of May, Rightmove reported an impressive 1.8% surge, or an extra £6,647, in the average asking price; the biggest rise of the year. This is viewed as a response to the building optimism and confidence of sellers, as the markets gain back some of the ground lost due to the global pandemic.
Tim Bannister, Rightmove’s director of property science, said: “The post-lockdown resurgence in demand for property has been remarkable. The rush of resilient buyers who may be moving for reasons related to work, relationships, or lifestyle, show how residential property is still seen as a good long-term investment, and a safe place to park savings.”
The increase is also attributed to the government’s stamp duty holiday. The chancellor suggested it is the best therapy for the property market, and property-seekers certainly concur. From both sides, they want to make the most of this unprecedented saving window before it ends on the 31st of March 2021.
The south-east of England remains the region with the highest average asking price. Rightmove suggested that the numbers will probably remain the same, as it monitors the “Yorkshire & Humberside” region for potential above-average price growth.
Inventories for all regions are now higher than a year ago, due to the substantial pick-up in purchase activity since the end of the lockdown period. As June is here, this increased level of demand could be further stimulated as lockdown restrictions become more relaxed, allowing property viewings to resume.
The changes in residential property and continued resilience of buyers will keep the market stable-delivering security for home movers. The news is an encouragement to individuals looking to secure their financial savings in property.
The remarkable rise in asking prices, along with the stamp duty holiday, presents an exciting opportunity for both property buyers and seller. The savings window gives them the chance to make the most of the enticing financial incentives on offer. In a season of uncertainty, these developments provide reasons to be optimistic about a secure future for all.