Average house prices hit new record – Rightmove

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Average UK house asking prices hit a new record in the first three months of 2022, according to website Rightmove.
The average asking price surged by £19,082 to £360,101, with 53% of properties selling at or over their final advertised asking price, the highest percentage Rightmove said it had recorded.

Timescales to shift properties had also halved over the past three years – from an average of 67 days three years ago to 33.

“With three new monthly price records in a row, 2022 has started with price rise momentum even greater than during the stamp duty holiday-fuelled market of last year,” said Tim Bannister, Rightmove’s director of property data.

“While growing affordability constraints mean that this momentum is not sustainable for the longer term, the high demand from a large number of buyers chasing too few properties for sale has led to a spring price frenzy, a hat-trick of record price months, and the largest price increase for a three-month period Rightmove has ever recorded

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