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Financial News: UK House Prices Increase On Buyer Demand: Rightmove

UK House Prices Increase On Buyer Demand: Rightmove

03/15/2021 - 06:19:00 (RTTNews)

(RTTNews) - UK house prices increased in March as buyer demand reached record levels, property market website Rightmove said Monday.

House prices rose 0.8 percent month-on-month in March, following a 0.5 percent rise in February.

The number of potential buyers enquiring about each available property in the month was at a record, and was 34 percent higher than the same period a year ago.

With sales already agreed for almost two out of three properties on agents' books, buyers eagerly await fresh choice coming to market, making this the best sellers' market of the past ten years, Rightmove said.

The current demand was driven by the side effects of the lockdowns and the additional spur of government incentives. Rightmove anticipates further price rises during the traditional spring selling season.

Tim Bannister, Rightmove's Director of Property Data commented that there are early signs that the supply shortage may now be easing, with more owners deciding to market their properties, spurred by the extension of government incentives and a more tangible roadmap to normality.

Year-on-year, house price growth slowed to 2.7 percent in March from 3 percent in the previous month.

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