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UK house prices reach record high as homes sell quicker than ever

Prices up £19,082 in last three months

Originally posted: 25th April, 2022

Biggest three-month price rise ever recorded

House prices in the UK have struck a new record high for the third month running of £360,101, according to Rightmove’s House Price Index.

These record prices have done nothing to slow the market down, with houses selling quicker than ever and twice as fast as they did in 2019, says Rightmove.

Month-on-month prices are up +£5,537

Month-on-month prices are up by an average of 1.6% (+£5,537), and over the last three months by a total of £19,082. This is the biggest three-month price rise the index has ever recorded.

Houses coming to the market are now taking just 33 days to sell on average. At this same time in 2019, the average period to sell was 67 days.

This level of speed of sale means that 53% of properties that sell are now being sold at or above their final advertised asking price, the highest percentage that has ever been seen by Rightmove.

The Rightmove index shows that on average properties are achieving 98.9% of the final advertised asking price, which is also the biggest percentage recorded.

"Three new monthly price records in a row"

Tim Bannister, Rightmove’s Director of Property Data, said: “With three new monthly price records in a row, 2022 has started with price-rise momentum even greater than during the stamp-duty-holiday-fuelled market of last year. While growing affordability constraints mean that this momentum is not sustainable for the longer term, the high demand from a large number of buyers chasing too few properties for sale has led to a spring price frenzy, a hat-trick of record price months, and the largest price increase for a three-month period Rightmove has ever recorded.

“The strong momentum has carried over from last year and, combined with the impetus of the spring moving season, has delivered the quickest selling market we’ve ever seen. The high speed of the market and competition among buyers when making an onward move will be deterring some owners from putting their homes up for sale. However, if you can secure both a quick sale and a quick purchase then it’s a lot less stressful than the uncertainties of a slower market when finding a buyer for your own home can drag on for months or not happen at all."

Throughout Great Britain, and across all of lower, middle, and upper market sectors, properties have reached new record price levels.

"Buyer enquiries 65% up"

Tim Bannister added: “There are some early signs of an easing off from the frenetic pace of price rises, and buyer enquiries to agents are down by 16% on last year’s stamp-duty frenzy. However incredibly, buyer enquiries are still 65% above the more normal market of 2019 and the number of sales agreed is up 21%.

"While there is growing economic uncertainty, our current market statistics show there is greater certainty that your property will sell more quickly than ever before, and likely at a record price.

"It can’t and won’t continue like this, but with the demand and supply imbalance being so out of kilter, it looks like any substantial slowdown will be gradual in coming and be a soft rather than hard landing.

"It seems likely that the supply/demand mismatch will remain for at least the rest of this year. Even with some economic uncertainty, where you live and your home is such a fundamental decision for people that it will remain a priority for many.”

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