Last month we shared that Rightmove had announced the fastest house-selling rate on record, but the UK has gone on to break that record yet again… and nowhere more than here in Wales.
Figures released by Rightmove see a new UK record for the average price of property coming to market of £333,564, which is 1.8% (+£5,767) above the previous all-time high recorded just a month ago. While the level of new properties coming up for sale is at a similar level to the long-term average, demand continues to massively exceed supply, especially in Wales and the northern regions of England. Wales Online reported on the the buying frenzy here in Wales, with agents seeing 17 buyers fight for each property coming to market. Here at Dylan Davies it’s become common for properties to receive offers within 24 hours of coming to market, often even within hours.
This high demand and low supply has seen house prices increase by 13% in Wales in a year, almost a full 2% more than the next area listed, the north-west of England.
Tim Bannister, Rightmove's director of property data, said: "Last year's unexpected mini-boom is rolling on into 2021, with new price and market activity records again defying many predictions. Buyer affordability is increasingly stretched, but there's obviously some elasticity left to stretch a bit more as many buyers are squeezing their way into higher price bands.
"This high demand, with both willingness and ability to pay more, has pushed the average price of property coming to market in the UK to a new all-time high of a third of a million pounds. Wales is growing the fastest."
If you have a property to sell we (and our buyers!) would love to hear from you. Get in touch to arrange your no obligation property appraisal, or take a look at our free instant online valuation tool for an idea of what your property might be worth. On the other hand if you're looking to buy please make sure you register your interest early, plus keep an eye on our Facebook and Instagram stories for sneak peeks of the properties we have coming to market soon!
Posted on: 26 May 2021