THE NATIONAL average price of property coming to market has hit an all-time high after rising 0.3 per cent this month, to £338,462.
This new record high is only £15 higher than the previous record set in July, suggesting stabilising prices, according to Rightmove's house price index.
Buyers are facing fierce competition to buy with demand per property on the market more than double levels prior to Covid-19.
The number of new listings in the first two weeks of September was 14 per cent higher than the last two weeks of August.
Buyers who have already sold their own property, have the cash to buy without selling, or are first time buyers with a mortgage agreed will be in the most powerful position to secure available properties.
London has marked a better supply of homes for sale than elsewhere, contributing to an annual price growth of just 0.8 per cent.
Tim Bannister, of Rightmove, said: "The high ratio of buyer demand to properties for sale means that the property market remains stockstarved despite the summer lull lessening overall activity."
(c) 2021 City A.M., source Newspaper