Rightmove sends warning to buyers – ‘Biggest lack of stock in 20 years’

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Rightmove sends warning to buyers – ‘Biggest lack of stock in 20 years’

The property market across the UK is booming at the moment with prices at a record high. The UK's largest online real estate portal and property we

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The property market across the UK is booming at the moment with prices at a record high. The UK’s largest online real estate portal and property website Rightmove saw a whopping 9.3 million visits to the site in a single day. A busy housing market means demand is outstripping supply, sending prices spiralling upwards.

“Demand is huge, created by a perfect storm of low interest rates, the stamp duty holiday and changes in people’s working patterns.

“The dreary five-day-a-week commute for many is now over and this has led to areas outside of London becoming some of the most in-demand.”

Mr Freshwater has said that there is so much stiff competition among buyers that they have resorted to “sealed bids”.

Rightmove said more than 25 percent of sales since February have ended in best and final offers.

Average asking prices from sellers are now also at their highest-ever average.

The national average price of a property coming to the market has risen by £6,733.

That means the average price of a property is now £327,797 – £4,000 higher than the previous record in October 2020.

Tim Bannister, Rightmove’s property expert, said it’s a big jump, especially considering the country has been in lockdown.

He said: “This is only the second time over the past five years that prices have increased by over two percent in a month, so it’s a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population’s movements and activities.

“The property market has remained fully open, and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all-time high.”



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