There’s a shortage of sellers and high demand from buyers..
The low number of sellers listing their homes means those that did list reaped the benefits as buyers across the UK made large offers and moved promptly in order to secure their purchase ahead of the competition. As well as a lack of sellers, there are a growing number of buyers looking to purchase UK property - in fact, the number of enquiries to agents across the UK is 15% higher than the same time last year.*
Where have prices increased the most across the UK?
Despite many positive indicators for the market in 2022, some areas of the United Kingdom are faring better than others. Those planning a move in the south west of England will find the local market in particularly good health. Growth is up 2.4% month on month and an impressive 11.6% year on year. It takes on average 32 days to sell in the region and currently, it’s the fastest moving market in England and Wales. There’s also great news if you’re considering selling your home in the north east of England. Growth is up 2.5% month on month and 6% year on year. It now only takes on average 40 days to sell in the region.*
Is Scotland still booming?
The market north of the border continues to go from strength to strength and sellers are seeing huge profits on their properties. Throughout Scotland demand is now so high, on average it only takes 27 days to sell a home.* In Edinburgh, the average house price is £243,200 – an increase of 3.3% since May last year. The number of buyers is also continuing to increase in Glasgow as prices have grown at a similar rate during this period (3%)^. If you’re thinking of selling a home in Scotland, don’t delay. Find out how much you could sell for, today.
What’s happening in the lettings market?
There are also positive indicators for landlords this month as Rightmove announced that rents across the UK have increased at the fastest ever rate, and in some areas, tenant competition has doubled. For landlords, this offers a great window of opportunity to maximise on a rapidly expanding market. The latest data suggests UK rental yields are now at their highest point since 2016, and at their highest level ever in North East England and Wales.**