Median house price in Britain tops £350,000 for the first time.
Never before in history has the median house price been so high.
According to Rightmove, the median house price in Britain has topped £350,000 for the first time.
According to the property’s website, typical sales prices reached £354,564 in March, up 1.7% or £5,760 compared to February. It was the most significant monthly increase for this time of year in 18 years and brought the annual growth rate in asking prices to 10.4%.
Except for London and Scotland, annual growth exceeded 10% in all regions and countries.
Rightmove said the median house price increase was partly due to a significant mismatch between supply and demand, with more than twice as many buyers as sellers. For those who put their home on the market, the probability of finding a buyer in the first week is higher than ever this time of year and double compared to the same period in 2019.
Tim Bannister, Real Estate Data Director at Rightmove, said: “Many who are selling in this unprecedented market are also facing the possibility of buying again in the same market and being in fierce competition with other buyers.
“Having a buyer for your property, under contract, puts those who are buying again in a powerful position compared to buyers who haven’t sold yet, and agents report that these ‘power buyers’ are more likely to get the property they want. they want and negotiate the best price offer.”
The Rightmove data is the latest evidence to suggest that two years into the coronavirus pandemic, the housing market continues to defy economic conditions, and the strong market fueled by the stamp duty holiday has yet to fade.
In part, demand for larger homes, because some buyers are seeking more space to work from home, helped drive a 3.4% increase in sales prices for four bedrooms or more homes. According to the property’s website, the trend also encouraged new sellers to come to market, with 12% more new listings in this sector than last year.
Kate Eales, regional agency director for Strutt & Parker, said: “The long-term trend of significant numbers of people planning to work from home for three days a week or more has created new hotspots across the country for part-time jobs, travellers, including Shropshire, North Cotswolds and Suffolk”.
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