The recovery of the UK housing market continues apace, with the news that the average price of a home has hit another record high.
Rightmove has confirmed that during October, the average price being sought for a house in the UK was £324,000. This marks a rise of 5.5% on the price for the same time last year and is a sign of the extraordinary levels of demand compared with supply within this market. Rightmove has also indicated that the rise in prices is the fastest it has been since 2016.
The available homes are being sold in record times as well, with the average time needed for a sale to go through being a mere 50 days – the least amount of time on record. There has been an increase of 70% in the number of house sales completed compared with this time last year, thanks to a 66% rise in the number of people actively seeking to buy.
Speaking to Homes and Property, Tim Bannister from Rightmove said that the current housing market was toppling all existing records and that the surge in house prices was not yet over, before adding:
“We predict that the annual rate of growth will peak by December at around 7% higher than a year ago.”
He concluded by saying that lockdown seemed to have motivated buyers to find their ideal homes regardless of the price.
This is all positive news for mortgage advisors, and the buoyant housing market will drive more people to take CeMAP courses.
