The latest house price index released by the property portal Rightmove has demonstrated that the property market is still continuing its post lockdown recovery.
The index has revealed a number of key points, including:
- The highest number of sales agreed in a month for over 10 years (20% higher than the previous high).
- The total value for these sales is more than £37billion
- The number of properties coming to the market in a month is the highest since March 2008
- There are 44% more properties coming to the market compared to this time last year
- Sales have increased dramatically
- 29% increase in first-time buyer market
- 38% in those moving onto the second rung of the ladder
- 59% increase for top of the ladder homes
Miles Shipside, Rightmove’s Commercial Director, says:
“Not only are we seeing an unusually busy summer period, but also parts of the lending and legal sectors are having to cope with capacity constraints, as some staff will still be on furlough while many will still be working from home.
“Patience will be required, especially with some lenders limiting their product ranges due to capacity constraints in their ability to process mortgages.”
