Asking prices for homes in Great Britain up 1.7% in March; biggest monthly rise for 18 years

Typical asking prices increased to £354,564 in March, up 1.7% or £5,760 compared with the month of February

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Originally posted: 21st March, 2022

‘Power buyers’ are more likely to get the property that they want and negotiate the best deal on price

Prices of homes in Great Britain continue to increase with the average house price exceeding £350,000 for the first time, according to Rightmove.

Typical asking prices increased to £354,564 in March, up 1.7% or £5,760 compared with the month of February, said the property website. This is the largest monthly increase for this time of year for 18 years, and pushed the annual rate of growth in asking prices for homes to 10.4%.

The annual growth was over 10% for all regions and countries other than London and Scotland.

Chance of buyer being found within first week higher than it's ever been

Rightmove said the increase in asking price was caused partly by a huge mismatch in supply and demand, with over twice as many buyers as sellers. For those putting their house up for sale, the chance of a buyer being found within the first week is higher than it’s ever been for this time of the year, and over twice as likely compared to the same period in 2019.

Tim Bannister, Rightmove’s director of property data, said: “Many of those who are selling in this record-breaking market obviously also face the prospect of buying again in the same market, and being in fierce competition against other buyers.

“Having a buyer for your own property, subject to contract, puts those who are buying again in a powerful position compared to buyers who have yet to sell, and agents report that these ‘power buyers’ are more likely to get the property that they want and negotiate the best deal on price.”

12% more new listings

This data from Rightmove shows that the housing market remains strong, two years on the start of the Covid-19 pandemic.

Rightmove said a demand for larger homes, partly due to some buyers seeking extra space to work from home, helped to cause a 3.4% increase in asking prices for homes with four bedrooms or over. The trend also caused new sellers to put their homes up for sale, with 12% more new listings in this sector than at this time last year.

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