House sales reach 10-year peak

August 22, 2020 by Brendan O'Neill

Property Market

The newest house price index from Rightmove indicates that the housing market in the UK is continuing its post lockdown bounce back, with house sales reaching a 10-year peak.

The index reveals that more homes have been added to the market by sellers and a higher number of house purchases have been completed than in any other time during the last decade.

The total amount of money generated through house sales during the past month was a new record of over £37 billion, with these figures being made all the more impressive by the fact that they are occurring at a time in the year when the market usually slows down.

Of all the 12 regions of England and Wales, 10 saw a rise in the average price of a house during this period, and in seven regions, asking prices among new sellers hit record highs. The traditional slowdown in mid-summer is usually caused by people being distracted by other matters, such as holidays, but the coronavirus has rendered that a negligible issue this year.

Rightmove has stated that the number of house sales during the past month is higher than it has been since it first launched its monthly price index in 2010. Compared with this time last year, the figure is 38% higher, and it also represents a rise of 20% on the previous top figure, which was set three years ago last March.

Whatever is causing the rapid recovery of the housing market, mortgage advisors with CeMAP training will be among many who are delighted to see it.