HOME-OWNERS in all parts of the UK can expect to see record-breaking price rises for months, a property expert has predicted.
Newly-released stats show the average price tag of a home has rocketed by nearly £8,000 in the space of a month.
Rightmove, who compiled the stats, says London has seen a particularly big jump in home buyer inquiries.
But Jonathan Rolande, from the National Association of Property Buyers, said demand is soaring in all regions.
He said: “Whether you look north, south, east or west the situation is the same – prices are continuing to soar.
“I don’t expect that to change anytime soon. We should expect many months of rises before things start to level out.
“The average home-owner is now looking at making a £100,000 profit when they move properties which has really turned the market on its head.
“Although it is great news for those owning a property it means the cost of finding a larger property when you want to upsize is going through the roof as well.”
Mr Rolande, also the founder of House Buy Fast, added: “Right now many owners are therefore sitting and waiting and there is a huge lack of supply in the market. That’s the really big issue. Where people are selling they are increasingly looking to rent while they find their dream home. And that is driving rental prices to fresh highs as well. When you throw in the cost of living crisis it means many households face a hard Winter and Spring.”
Rightmove analysts say the £7,785 jump this February is the biggest month-on-month increase in cash terms recorded by Rightmove in more than 20 years of its reporting.
It means the average asking price across Britain now stands at a record £348,804 – a rise of nearly £40,000 in the two years since the pandemic started, compared with just over £9,000 in the previous two years. The average asking price for a home is 9.5 per cent higher than a year ago, marking the highest annual rate of growth since September 2014, Rightmove said.
Rightmove said February’s price growth is being driven by the ‘second stepper’ sector – a category of buyers who may find themselves in need of more space and are now ready to move on from their first homes.
As some workers are being encouraged to return to the office, London has seen a particularly big jump in home buyer inquiries, Rightmove said.
Buyer demand generally is 16 per cent higher than at this time in 2021. Scotland saw the biggest monthly increase in February, with a 7.5 per cent price rise to an average price of £174,567.
The regions with the lowest increase were the East Midlands and South West, both of which saw prices rise by 0.4 per cent.
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