U.K. New Listing Prices Hit Record High In February
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U.K. New Listing Prices Hit Record High In February

Properties coming onto the market had an average price of $660,104, Rightmove finds

By Fang Block
Tue, Feb 22, 2022 10:51amGrey Clock 1 min

The U.K. property market is continuing to see robust activity and price growth this month, as both sellers and buyers fear they’re missing out in the competitive market.

Across the country, new listing prices rose 2.3% month over month in February to a record average of £348,804 ($660,104). The monthly gain, which equated to an increase of £7,785, was the biggest in more than 20 years, according to Rightmove, the U.K.’s largest online real estate portal and property website.

Compared to the same period last year, asking prices jumped 9.5%, the highest annual rate of growth since September 2014, according to Rightmove’s data released Monday.

“High demand and a shortage of available stock are supporting a rise in prices and a new record average asking price this month,” Tim Bannister, Rightmove’s director of property data, said in the report. “However, despite rising costs and rising interest rates, the data right now shows demand rising across the whole of Great Britain, with many people determined to move as we head into the spring home-moving season.”

The number of potential buyers who sent inquiries to agents increased 16% in February from a year ago, with London recording the biggest jump—at 24%—across any region, Rightmove data showed.

The number of new sellers listing their homes for sale was up by 11% year over year, suggesting more sellers are taking advantage of the competitive market, the report said.

“A fear of missing out on one’s dream home is really driving market behavior at the moment, as movers look to do all that they can to avoid the disappointment of being too slow to secure their ideal property,” Mr. Bannister said.

Reprinted by permission of Mansion Global. Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication:  February 20, 2022



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1. Interiors beyond the primary palette 

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2 House of Joy

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4. Interiors Now!

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