The annual house price increase has increased each month over the past year. This is the longest streak of year-on-year increases since 2017, as London enters a strong spring seller’s market. The annual rate of increase in asking prices has increased each month since April 2021. This means that the average marketed price for a London home is 6.3% higher than it was 12 months ago. It now stands at GBP664,400. The increase in the marketed price of a London home from February 2021 to 2022 was 7.3%, an increase of 4.2 percent from January to January. According to Rightmove’s latest Asking Prices Index, the capital saw a 7.3% increase from February 2021 to February 2022. This was up from 4.2 percent in January and January. The average time it takes to sell property in LondonMonthNo. February 202171March 20202157April 202157May 20202157July 20202157August 202157September 202157October 20202157November 2022159December 202163January 202268February 202257 This is the largest monthly increase in March since 2004, with an increase of 10.4 percent. Average selling time in the UK decreased from 44 days in January, to 36 days in February. In the UK, it took only 25 days for a property to be offered and 30 days for a south west property. Rightmove analyst Tim Bannister says that this unprecedented price level is being fuelled by the greatest imbalance between buyer and seller demand. Rightmove analyst Tim Bannister says that this unprecedented price level is being fueled by the greatest imbalance between buyer demand and the number of properties for sale that we have ever measured. According to Patrick Rampton, Rampton Baseley in Clapham, “Normally buyer demand slows down in February for half-term and then we see a slight rise ahead of spring but this year buyer inquiries picked up right away.” “There is a lot of demand in London due to Brexit and the pandemic. People want to get a mortgage deal right away because of rising interest rates. He says that although we might have half of the stock, we are selling everything.” Even though Rightmove is a listing service for homes for sale, Kate Eales from Trutt & Parker believes that spring sellers are emerging despite historically low stocks.
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