Every month Rightmove releases data on house prices; here are the most recent figures from May…
✔ The average price of property coming to the market jumps by 1.8% (+£6,647) this month
✔ Reaching new average house price records of £372,894
✔ This 1.8% monthly increase is the biggest of the year so far and is significantly higher than the historic average May rise of 1.0%
✔ The discount from the final asking price to the agreed sale price has steadied at an average of 3.1%, in line with normal market levels, reflecting home-mover confidence in the outlook for the market
✔ Buyer demand is 3% above 2019’s level in the second-stepper sector, and 6% above in the first-time-buyer sector
✔ Average mortgage rates are remaining steady despite another increase in the Bank of England base rate – An average 5-year fixed, 15% deposit mortgage is now 4.56%, compared to 5.89% last October
Just look at this graph from Rightmove, which puts into perspective how the market is on an upward trajectory:
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