House prices increased £19,000 in three months - as homes are selling quicker than ever

Do you know what your property is REALLY worth?

Just when we thought property prices would start to cool off, they hit a new record high for the third month in a row.*

Strong demand from buyers and a massive shortage of housing stock has caused properties to increase by 1.6% in April. In fact, the average price of homes coming to market between March and April rose by £5,437. UK homes are now selling at their fastest ever rate and 53% of properties are now going for over the asking price. The House Price Index from Rightmove showed that in the last three months there has been an average price jump of over £19,000 – the largest seen in any three-month period since records began.* There's great news for investors too – as rents have also increased considerably over the last year – by an average 10.8% across the UK.

Will house prices keep increasing? How long will it take to sell? Will rents continue increasing? And more importantly, has your home increased in value? Let’s take a deep dive into what this spring property market means for you, whether you’re a buyer, seller or property investor.

How long does it take to sell? 

According to Rightmove, all sectors of the market are at new record price levels – this is only the second time since 2007 that Rightmove has seen this type of price growth. The frenetic activity continues, with this month seeing properties selling faster than ever previously recorded by Rightmove. This time in 2019, the average time to sell was 67 days. It now stands at an average of just 33 days before a property is marked as sold subject to contract on Rightmove. Of course, this is an average, and some popular properties are sold within days if they're marketed well. 

Will house prices keep increasing?

As well as a huge discrepancy between supply and demand, the property market is further fuelled by a fear of missing out in the current competitive market. This is supercharging rising activity from both buyers and sellers. Everyone is trying to beat the crowd, with the result being that buyer demand has been growing steadily for a consistent period and this increased buyer demand is pushing up house prices. Agents are reporting that asking prices are being surpassed on a regular basis with many homeowners making huge and often unexpected profits when selling their home. If you're thinking of selling this year, do you know what your property is valued at?

Has your property increased in value?

What's happening across the different regions?

In London, the market is in excellent shape. It currently takes 54 days to sell – the lowest it's been for two years and asking prices in the capital rose by a monthly rate of 1.9%, and a yearly rate of 6.6%. Property in Wales continues to be in huge demand. Prices are, on average, 14.5% higher than they were this time last year. Across the north of England it takes around 30 days to sell a home. However, many agents are reporting much faster sales for homes that are well-marketed and sensibly priced.

In Scotland, the market continues to go from strength to strength and sellers are seeing huge profits on their properties. Throughout the country demand is now so high, on average it only takes 22 days to sell a home.** This is the fastest moving market region in the UK resulting in prices increasing by 7.5% year-on-year. If you own a property in Scotland and you're considering selling – now is the time to make a fast and profitable sale. So if you’re thinking of selling, a no-obligation valuation from a local expert agent is vital, we can help you with one right here.

Is tenant demand still high?

Well, there’s good news for landlords. Rents have increased considerably over the last year – by an average 10.8% across the UK. According to Rightmove, this is the most competitive market ever as tenant demand continues to skyrocket whilst the number of properties available is down by 50% compared to last year. If you’re a landlord with a property to rent, it’s worth getting a fresh valuation to see how much you could charge for your property. It’s free and takes less than 60-seconds.***

Should I sell now or wait until there are more properties on the market?

We expect to see many more homes come to market during spring and summer, so finding a property to buy should not be a problem. If you have a property to sell, we would always recommend starting the sales process on your current house so that you’re in a good position to buy when the time comes. Don't drag out the process by waiting until you've found a property to purchase before registering to sell your own home.

How much is your home worth?

*Homelet Rental Index April 2022
**Rightmove House Price Index 2022
***Rightmove Rental Trends Tracker