Soaring house prices: One in four houses sold in the UK in March was on the market for less than seven days

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Nearly one in four UK homes that found a buyer in March had been on the market for less than a week, Rightmove’s highest rate ever, a sign that confidence is high as buyers seek to capitalize on stamp duty savings.

In London, of properties sold last month, 13% had been up for sale for less than seven days.

The average price of houses for sale in the capital now stands at £ 635,306, following a monthly increase of 1.7%, according to the online property portal, while house prices in the UK are £ 327,797 in average after a 2.1% jump – or £ 6,733 – in a month.

Three areas that have seen the strongest annual growth in the capital are leafy East Finchley in north-west London, where average house prices have risen 11.9 percent to over £ 1million; Purley in south London, where prices are now up 9 percent to £ 597,618 on average; and Richmond, in south-west London, where asking prices exceeded 1.13 million pounds after an 8.7 percent increase.

Table: 10 London hotspots

Area

Average house price

Annual price change

East Finchley

£ 1,065,454

11.9%

Purley

£ 597,618

9.1%

Richmond

£ 1,128,408

8.7%

Chelsea

£ 2,052,765

8.3%

West Wickham

£ 622,325

7.5%

Mitcham

£ 400,329

7.1%

Ruislip

£ 571,554

6.6%

West Norwood

£ 559,677

6.5%

Southall

£ 438,581

6.2%

Chislehurst

£ 738,156

5.8%

Source: Rightmove, April 2021

Tim Bannister of Rightmove says the spring spike in prices and activity can be attributed to a range of factors, including new buyers’ space needs, “stamp duty holiday extensions in England and Wales , government support for 95% of mortgages and a shortage of suitable real estate to buy. “

The most competitive property types in the capital are two- and three-bedroom semi-detached homes, while the property type that recorded the most sales last month was two- and one-bedroom apartments.

Bannister said: “Some of the moss is likely to dissipate this spring surge later in the year, as tough economic conditions kick in, some government support for individuals and businesses wears off and shifts. England’s stamp duty holiday is finally over. and Wales. ”

“Many sellers are currently setting fire to their homes on the market until they have received their second vaccination against Covid,” says Richard Freshwater of Cheffins.

“Once the vaccine rollout is in its final stages, I would expect to see a good number of properties come onto the market as people look to keep selling.”


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About Robert Valdivia

Robert Valdivia

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