The average asking price has risen consistently over several years. Recently, compared to little over £9,000 in the two years prior, by around £40,000 in the two years since the pandemic started.
As government lifted Covid limitations, and people start returning to their jobs in the city, London has had its greatest annual rate of price growth since 2016. But why? We examined the factors that contribute to why house prices rise year after year.
Current Trends
After years of Covid limitations, many people are still reevaluating their values and where they wish to live. The majority of the sellers who are prepared to sell their first residences in quest of additional space are responsible for recent price gains.
It’s a competitive market since buyer demand is still high. Additionally, there aren’t enough properties to meet demand. In order to move fast and maximise their chances of finding their next home, many home movers feel they must move fast. Thus they ensure they list their properties on the market as soon as possible. At the present, the fear of missing out is driving market behaviour. The fear of missing out on one’s dream home, as movers try to do everything they can to prevent the disappointment of being too sluggish to obtain their ideal home.
Will The Rises Continue?
The good news is that the pressure appears to be beginning to ease. Compared to a year ago, there are more new real estate listings hitting the market, providing purchasers additional options.
As we move from a busy spring season into a more traditional summer housing market, this should help to slow the rate of price growth.
Why House Prices Rise – Your Potential Options
According to our study, March is the best month of the year to list your home because it’s when buyers start to look.
This indicates that buyer competition is typically at its height in March, giving prospective sellers the best opportunity to sell their home promptly for a fair price. The data indicates that given the amount of demand in March, sellers may expect to have a number of interested parties bidding for their property.
