House prices surge to a record £8,000 in a month as market hit by post-Covid boom

The £7,785 gain in February marks the biggest monthly cash gain recorded by Rightmove in more than 20 years

Average UK asking price now stands at a record £348,804
Average UK asking price now stands at a record £348,804

The average price for a home across the UK has skyrocketed by almost £8,000 within a month.

The £7,785 increase in February was the biggest monthly cash gain recorded by Rightmove over 20 years of its reporting.

It means average asking price across the UK is currently at a record £348,804.

The new record means the average home has now increased in value by almost £40,000 in the two years since Coronavirus the pandemic began, compared with just over £9,000 in the previous two years.

The sharp increase comes at a time when households are being squeezed by Rising cost of livingincluding energy, food and fuel.

medium asking price for a house 9.5% higher than a year ago, marking the highest annual growth rate since September 2014, Rightmove said.

It attributes February’s price growth to the “second step” area – which includes buyers who may find themselves in need of more space and are now ready to move on from their first home.

As some workers are being urged to return to the office, London has seen a particularly large jump in homebuyer inquiries, Rightmove said.

London has seen a particularly large jump in homebuyer inquiries


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Tim Bannister, Rightmove’s Head of Real Estate Data, said: “We now have a swarm of commuters looking to get back closer to bigger cities, or at least within comfortable commuting distances from the city. their workplace.

“High demand and a lack of available supply are supporting the upside and new record average asking prices this month.

“The cost of living increases is certainly affecting the finances of many people, especially those who are trying to save enough to get a deposit up the ladder or to trade.

“However, despite the increased costs and interest rate increaseThe data right now shows demand is growing across the UK, with many determined to move as we head into the spring moving season. ”

Recent Rightmove research shows that competition among buyers is generally strongest in March, giving up-and-coming sellers the best chance to sell their home quickly for a good price.

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Mr Bannister added: “It looks like the fast-moving market has really found homes for sellers this month, with some also buyers putting themselves in the best position to secure their dream home. them by becoming ‘power buyers’ and get their own home on the market first.

“This has increased the number of new listings compared to last year, giving existing buyers a number of new options.

“The fear of missing out on one’s dream home is really driving market behavior at the moment, as investors look to do all they can to avoid disappointment as it’s too slow to guarantee.” get their ideal property. We’ve seen buyers send more inquiries to vacant homes than usual and do everything they can to put themselves at the top of the list.”

Separate official figures released last week showed the median house price in the UK rose by £27,000 last year, ending 2021 with a record high of £275,000.

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The Office for National Statistics (ONS) said average house prices across the UK, as well as in England and Wales, hit a record in December.

Overall, across the UK, house prices rose 10.8% year-on-year to December 2021, up from 10.7% in November 2021.

The median house price in Wales increased by 13.0% year-on-year in December 2021, up from a 12.6% increase in November 2021.

The latest increase has pushed the average house price in Wales to a record £205,000.

Average UK asking price now stands at a record £348,804


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In the UK, property values ​​increased 10.7% year-on-year to December 2021, from a 10.5% increase in the year to November 2021, with median house prices staying high. record £293,000 in December.

The median house price in Scotland increased 11.2% in the year to December 2021. This is lower than the 12.1% increase in the year to November 2021. The median house price in Scotland reached £180,000.

In Northern Ireland, property values ​​increased 10.7% year-on-year to £159,000. The ONS warned that data for Northern Ireland for the fourth quarter of 2021 was not yet available and so it has forwarded the figures from the third quarter, until the latest figures can be compiled.

ONS Head of Inflation Mike Hardie said: “House prices in England, England and Wales have all hit record levels this month, with the median UK house price being £275,000 in December 2021, 27,000 more table compared to this time last year.

“Rent prices in the UK have grown at their fastest rate since 2017, with increases in every area of ​​the UK, including London.”

Excluding London, private rents increased 3.0% year-on-year.

The ONS said rents in London increased by just 0.1 per cent year-on-year, reflecting the trend of telecommuting as well as an increase in supply.

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