Property Estate Agents Rightmove have stated that the average price of a home in the UK has broken history and jumped by £8,000 in just a month.
Stirring existing concerns that the housing market is becoming increasingly inaccessible to those not yet on the property ladder, property prices have jumped at the fastest rate on record.
Rightmove, who has been collecting data over the last 20 years, reported an increase of £8,000 over the last month and said that this increase surpasses any since they started collecting data.
Since the start of the pandemic, the average list price of a home rose has risen by £40,000 to £348,804, compared with just a £9,000 increase in the two years prior to the pandemic. Asking prices have risen by 9.5% than a year ago showing signs that buyers and sellers are experiencing a “fear of missing out”.
Enquiries to estate agents are up 16% than the same time last year, whilst the number of people requesting a valuation on their home rose by 11%.
The sharp hike in asking prices occurs at a time when there is mounting pressure on households from the rising cost of living including record breaking energy and fuel prices, clothing and food costs.
Rightmove said that the sky-rocketing asking prices were down to short supply of stock and high demand, however, there are signals that the upward spike will start to level out.
Tim Bannister, Rightmove’s director of property data comments: “The data suggests that people are by no means done with their pandemic-driven moves.
“Such a significant societal event means that even two years on from the start of the pandemic, people are continuing to re-consider their priorities and where they want to live.
“As the final legal restrictions look to be ending soon, and more businesses are encouraging a return to the office for at least part of the week, we now have a group of movers who are looking to return closer to major cities, or at least within comfortable commuting distance of their workplaces.”