Rightmove report sales at ten-year high

Rightmove has seen the highest number of sales agreed in a month since it began tracking this data more than a decade ago, with the latest weekly sales figure up 60% against the same week in August 2019.

The property listing website’s house price index for August reflects the market’s current bounceback, with the highest number of properties coming to market in a month since March 2008.

The number of monthly sales agreed is a 20% increase on the previous record of March 2017, at a “record” total value of more than £37 billion.

At the same time, the national average asking price fell 0.2% in August against the previous month thanks to a 2% decline in London which was a “more typical seasonal monthly drop”.

Prices in seven other regions were at an “unseasonal record high”.  Some areas, including Devon and Cornwall, were benefitting from an “out-of-city exodus”, Rightmove said.

It also noted that the high levels of buyer activity were causing processing delays “and mean that patience is required to get sales agreed to completion”.

Miles Shipside, Rightmove director and housing market analyst said: “There have been many changes as a result of the unprecedented pandemic, and these include a rewriting of the previously predictable seasonal rulebook for housing market activity and prices. Home movers are both marketing and buying more property than we have recorded in any previous month for over ten years, helping push prices to their highest ever level in seven regions.”

“Rather than just a release of existing pent-up demand due to the suspension of the housing market during lockdown, there’s an added layer of additional demand due to people’s changed housing priorities after the experience of lockdown. This is also keeping up the momentum of the unexpected mini-boom, which is now going longer and faster.