The property market has drastically picked up in recent months, evidenced by Rightmove’s May House Price Index. This was released to the media on 22nd May and gives a national picture of house prices and activity over the last month.
Prices continue to be under-pinned by buoyant demand in 2017, with this being the fifth consecutive monthly rise. The price of property coming to market has risen by 1.2% (+£3,626) this month to a national average of £317,281, setting a record for the second month in a row.
Pre-election periods typically cause a pause in activity, but this price growth and strong year-to-date numbers of sales agreed indicate that many are undeterred, with year-to-date sales agreed 2% higher than the previous election year of 2015.
The strongest sector for price growth appears to be typical family homes, recording a 5.4% year-on-year jump. Home-owners with children under eleven keep the market moving, as new Rightmove research shows they are twice as likely as the average person to be moving home*
The national average time to sell was 60 days in April, the lowest it has been since July 2016. The national average stock per agent in April was also the highest it has been this year.
If you are preparing to move click here for our useful guide on knowing your local property market.
* Rightmove research amongst 2,272 users who recently sold a property, are in the process of selling or planning to sell in the next six months, April 2017, showing that families with children under 11 make up 31% of property sellers. Population data profile taken from Rightmove’s market tracker Q1 2017 which showed that families with children under 11 make up 14% of the population, making them twice as likely as the average person to be selling.