An “unexpected mini-boom” has pushed average asking prices in the property market to a record high, according to the latest monthly figures from Rightmove.
New housing market figures for July 2020 have provided further encouragement for property investors prioritising capital growth, with an “unexpected mini-boom” pushing prices to a record high.
The Rightmove House Price Index for this month showed that the average asking price for a property coming to market in Britain is now £320,265, up by 2.4% compared to March, when the Covid-19 pandemic forced the economy to shut down.
This figure also marks an increase of 3.7% from 12 months earlier – the highest year-on-year growth recorded since December 2016.
The latest data offered more evidence of pent-up property demand being released amid the gradual easing of lockdown restrictions, with buyer enquiries up by 75% compared to last year.
More than four out of ten (44%) new listings that were put up for sale in the first month after the English housing market reopened on May 13th have already been marked as ‘sale agreed’.
This is the latest in a number of positive signals for UK property, with the government’s recently announced stamp duty holiday set to fuel further buyer demand and the buy-to-let sector also showing signs of recovery.
Miles Shipside, Rightmove director and housing market analyst, said: “The busy-until-interrupted spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown.
“The strength of buyer demand has contributed to record prices, with the 3.7% annual rate of increase being the highest for over three-and-a-half years.”
For those looking to take advantage of new opportunities emerging as the housing market slowly returns to normality, now could be the ideal time to look into a buy-to-let property investment.