In an unprecedented surge, the price of property coming to the market has skyrocketed by 2.3% this month, amounting to a staggering increase of £7,785, setting a new record high at £348,804. This momentous monthly jump marks the largest in over twenty years, as reported by Rightmove.
Furthermore, property prices are now 9.5% higher than they were a year ago, signifying the most substantial annual rate of growth since September 2014.
The current market environment is characterised by a sense of urgency, as both buyers and sellers fear missing out on favourable opportunities:
The demand from potential buyers is soaring, with the number of enquiries to agents surging by 16% compared to the same period last year.
New property listings have seen an 11% increase from the previous year, indicating that more sellers are entering the market before seeking their next home to avoid missing out on potential opportunities.
The desire to secure a property amidst the competitive market is evident from the 11% rise in the number of people requesting home valuations from estate agents in January compared to the previous year.
The phenomenon is particularly pronounced in London, where the region has witnessed the most significant annual jump in the number of buyers sending enquiries. Additionally, the capital is experiencing the highest annual rate of price growth since 2016, boosted by the anticipation of pandemic restrictions easing and a return to office work, re-igniting demand in the city.
The current real estate landscape is witnessing a historic surge in prices and activity, driven by a palpable fear of missing out on favourable deals. Homebuyers and sellers are actively participating in the dynamic market, seeking to make the most of the prevailing conditions and capitalise on potential opportunities.