Across the UK the price of a property coming to market has jumped 5.7% annually, taking the average value to £338,447*
Market momentum continues to dominate headlines this summer, with prices increasing for another month!
Nationwide, prices rose 0.7% over July, proving that the demand is still there, despite it being the first month after the tapered end of the stamp duty holiday.
What has been driving prices to rise?
The main drive has been the shortage of properties available, with prospective buyers rushing to put in offers ahead of the competition.
Properties with four or more bedrooms are facing the largest supply and demand imbalance.
We have also seen a 39% increase in sales and a 15% drop in available stock in comparison to figures from 2019, which is causing a surge in property prices.*
Property experts have predicted that the volume of property purchases in the first six months of the year was close to hitting 800,000, trumping the previous record of 795,000 that was recorded in 2007.*
If you are wanting to sell your home for the best price, get in touch with us today.