The average price tag on a home has hit a new high in all nations and regions of Britain and in all market sectors for the first time since 2007, according to a property website.
Across Britain, the average asking price jumped by 1.8 per cent or £5,983 in October to reach £344,445.
For the first time since March 2007, new price records were hit across the board - both when it came to the three different types of properties that Rightmove analyses as well as across all nations and regions of Britain.
Looking at the three different property types,
Competition for property for sale remains hot this autumn, with average prices jumping by almost £6,000 in the month.
Although more properties are coming to market, the level is still not enough to replenish the stock that's being snapped up.
Consequently, new price records have been set across the board, with every region of Great Britain and all of the three market sectors of first-time buyer, second stepper and top of the ladder hitting all-time highs.
This 'full house' is an extremely rare event, happening for the first time since March 2007. Stock shortages were seen after the first coronavirus lockdown last year and look set to continue.
The number of sales being agreed was up by 15.2 per cent in September compared to the same period in 2019.
A continuing imbalance, with demand outstripping supply and leading to record prices, presents an opportunity for owners looking to sell and cash out if they are downsizing or not needing to buy another property.
Stock shortages continue to drive prices upwards, though accurate pricing rather than overpricing is very important to get prospective buyers through the door.
We expect prices to continue to rise, albeit at a steadier pace. This should give buyers and sellers more confidence.
If you don't already have a sale agreed on your property, the level of current buyer activity means it's likely that 'the one' for you has already had a lot of interest from buyers who may be in a better position to proceed quickly.
It’s perfectly understandable that any of you wanting to move may be hesitant or reluctant to consider placing your own home on the market if you’ve not yet found somewhere to buy – but in reality approaching the market that way is, quite possibly destroying your chances of moving home successfully.
This is what we call ‘A catch-22’ at Crane & Co – You don’t want to sell until you’ve found something to buy BUT can’t buy until you’ve got a buyer yourself.
The good news is – there’s a really very simple solution to this conundrum and it’s something we do for our home movers every day to help them move successfully – we’ve named it ‘Active Reservation’ – and it works brilliantly!
If you’re grappling with the same dilemma yourself then we’d love to show you how to overcome this challenge, how to take complete control of your move – and move home successfully.
We have a guide on this subject that you can download or we can send you our video explaining how ‘Active Reservation’ overcomes these issues and puts you in the driving seat from selling your own all the way through to finding and securing your perfect next home.
If you’d like to receive a copy of this advice as a downloadable guide or our information video on the subject just send me an email marked ‘Active Reservation’ or call our award winning team and we’ll get it straight to you