A strong demand in securing new homes ahead of a potential base rate rise

A strong demand in securing new homes ahead of a potential base rate rise

It’s the first time since March 2007 that each region in Britain has encountered all-time price rise records, with the national average increasing to nearly £5,000. 

 

The asking price for a home now sits at a national average of £344,445. This is up 1.8% month-on-month, the biggest increase since October 2015! * 

 

The North West and Wales saw the most growth, with asking prices totaling 2.3%. Whilst the South West and London regions had a 1.9% monthly increase, with prices reaching £359,906 and £650,683. * 

 

The total amount of sales being approved was a whopping 15% higher compared to the same time in 2019. * 

 

The increase has been put down to property purchasers wanting to secure their new homes ahead of a potential base rate rise, which is looking likely for later this year. 

 

Although more properties are coming onto the market, the amount is still not enough to restock what’s been snapped up. 

 

The shortages look set to continue with the housing market remaining strong, and an additional incentive to buy and fix your mortgage interest rate before a widely expected rate rise. 

 

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* Rightmove