Biggest ever monthly price jump sets new record high as movers fear missing out.
Price of property coming to market rises by 2.3% this month (+£7,785) to a record of £348,804, the biggest monthly jump in pounds recorded by Rightmove in more than twenty years.
Prices are now 9.5% higher than a year ago, the highest annual rate of growth since September 2014.
There are signs that both buyers and sellers fear missing out in the current competitive market:
- More potential buyers are sending enquiries to agents, with the number 16% higher than this time last year
- New property listings are up 11% compared to the same period last year, suggesting more sellers are coming to market before looking for a property to purchase, to avoid missing out on their next home
- The number of people requesting a home valuation from an estate agent was up 11% in January compared to last year
- London records biggest annual jump in number of buyers sending enquiries of any region, and highest annual rate of price growth since 2016, as the end of pandemic restrictions and a return to the office fuel renewed demand in the capital