Property prices soar by nearly £8k in one month
THE average house price has rocketed by nearly £8,000 in the space of four weeks.
The £7,785 jump in 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 now stands at a record £348,804.
That is a rise of nearly £40,000 in the two years since the pandemic started.
Rightmove said February's price growth is being driven by the "second stepper" sector ‑ comprised of buyers who need more space.
As some workers are being encouraged to return to the office, London has seen a particularly big jump in home buyer inquiries.
Tim Bannister, director of property data, at Rightmove, said: "We now have a group of movers who are looking to return closer to major cities, or at least within comfortable commuting distance.
"High demand and a shortage of stock are supporting a rise in prices."
Research from Rightmove found competition between buyers is generally at its strongest in March, providing an opportunity for would-be sellers to have the best chance of selling their home quickly for a good price.
Looking for a new home, or just fancy a look? Add your postcode below or visit InYourArea