Rightmove: UK house prices increased in the last month.
The price gap between London homes and other cities has narrowed.
The median home price in the UK rose 1.8 percent in the last month, according to the most recent house price index released by Rightmove.
According to research, released today, the median home price is now £ 333,564, although there are huge disparities across the country.
While London properties are still much more expensive than the rest of the country, this share has dropped, Rightmove said, to the smallest since 2013. Of the increases across the country, the largest were in Wales, where the average price increased by 13 percent.
“The rise in house price is alarming.”
In reaction to the numbers, James Forrester, managing director of Barrows and Forrester, said that the increases in house prices were “alarming” and were driven by several factors.
He added: “Buyer demand remains extremely high and the appetite for larger homes is driving market activity. However, the lack of adequate stocks to meet this demand is causing many to dig deep to offer above the odds and secure the desired purchase.”
Forrester added: “At the same time, savvy sellers are realizing that buyers are not only entering the market on a budget-driven by the stamp duty holiday, but they are also doing so in an air of panic with the deadline fast approaching. Therefore, many are valuing their home much more than the market value to take advantage of this desperation. While they will inevitably lower this expectation during the bidding stage, this additional leeway still allows them to lock in a higher price than they would otherwise have.”
Others took a stronger view, including one that criticized Rightmove on the numbers. Matthew Cooper, founder and managing director of Yes Homebuyers, said the company was acting like a ‘cheap magician at a children’s party with its monthly figures.
Cooper continued: “It’s clear that sellers are trying to cash in on the doorbell holiday by hitting new highs in terms of unrealistic selling price expectations. In doing so, they are also crushing the hopes and dreams of many first-time buyers who will now find themselves at a good price and a true off-market price.”
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