The UK housing market continues to make waves as the average price tag on a home hit an all-time high in May, according to property website Rightmove. With a significant monthly jump of £6,647 or 1.8 per cent, the average asking price for a home coming to market now stands at £372,894.
Tim Bannister, Director of Property Science at Rightmove, said: “This month’s strong jump in new seller asking prices looks like a belated reaction and a sign of increasing confidence from sellers, as we’d usually see such a big monthly increase earlier in the spring season. One reason for this increased confidence may be that the gloomy start of the year predictions for the market are looking increasingly unlikely.
“The market is still very price sensitive and it is important that new sellers do not damage their prospects of a sale by overpricing initially and reducing later, with agents reporting that it’s the realistically priced new instructions that are selling best.” However, there are signs of some over-optimism in the “top of the ladder” property sector, Rightmove said. While larger properties are still selling faster typically than in 2019, it is now taking an average of 67 days to agree a sale, nearly double the 35-day average at this time last year, the website added.