House prices close to all-time highs

Since the end of 2019 confidence in the housing market has been growing. The housing market has continued to rebound in 2020 boosted by some political certainty and a release in the pent-up demand that has built up over the last few years for the buying and selling of properties.

Homeowners, and those looking to sell their existing properties, will be pleased to learn that prices in February have reached near all-time highs, according to Rightmove.

The average asking price rose by 2.9 per cent year on year to reach £309,399 in February, which was just £40 short of the all-time high, the Rightmove research revealed. Prices have been driven up as the numbers of new buyers registering their interest has boomed and outpaced the increase in new sellers.

In January Rightmove recorded its busiest ever month, logging a huge total of 152 million visits – a 7 per cent increase from January 2019, highlighting the rise in demand for properties. Time on the site was also up 4 per cent year on year and came in at 1.17 billion minutes!

With more buyers springing into action in 2020, the number of sales agreed has also increased, rising by 12 per cent year on year – the greatest yearly jump since July 2017.

If you’re looking to sell your existing property, now could be a great time to consider your options. Demand is on the up and prices are close to all-time high, but seeking professional advice is always important.

If you want to talk through your options, whether you’re planning on buying or selling, contact your adviser today.

Published Mar 10, 2020