Asking prices for UK residential properties increased +2.1% m/m and +10.2% y/y. in May 2022.

Asking Prices in UK Hit Record High in May

Average asking prices for UK properties increased +2.1% m/m to L367,501, or US$462,114, and increased +10.2% y/y, according to the property search site Rightmove.  Average asking prices are currently L55,000 higher than two years ago compared to just L6,000 in the two years prior to the pandemic.

An important question for you.  Spring 2022 is here…have you completed your 2022 Real Estate Business and Lead Generation Plan? If not, no worries. We have done the hard work for you. Download your 2022 REAL ESTATE TREASURE MAP! Text HARRIS to 47372. It’s that simple and takes 3 seconds. Text HARRIS to 47372 and when you do we will instantly text you back with a link to download. BONUS: For a limited time when you text HARRIS to 47372 you will also receive a Coaching Call!

4 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms & Privacy:

Average luxury prices (defined as five-bedroom and above properties and four-bedroom detached houses) increased +3.9 m/m and +11.9% y/y.

Rightmove director of property science Tim Bannister wrote, “People may be wondering why the housing market is seemingly running in the opposite direction to the wider economy at the moment.  The imbalance between supply and demand is supporting rising prices.  Though demand is softening from the heady levels we saw this time last year, the number of buyers enquiring is still significantly higher than during the last ‘normal’ market of 2019, while the number of homes for them to choose from remains more constrained.”

Slight Signs of Easing Market?

The number of sales in May was up +12% year-to-date compared to pre-pandemic levels.  Simultaneously, sales were down -17% compared to 2021.

The number of buyers contacting agents in May was +31% higher than 2019 levels, but -14% down from 2021 levels.

Lop-sided supply and demand continued in May as for-sale properties were down -16% y/y and -15% compared to 2019 levels.  According to Jeremy Leaf, a north London agent, said, “Market activity at present is determined more by a shortage of stock than a softening in demand despite recent sharp increases in the cost of living and especially interest rates.”

Price Specifics

Wales and South West England saw prices rise +14.5% and +13.4% respectively in May.

In the Westminster borough of London, prices climbed just +1% m/m but an impressive +11.7% y/y, the largest price increase in any London borough.  The average asking price in Westminster was up to L1.45M in May.

Asking prices in the London boroughs of Kensington and Chelsea dropped -2.2% m/m but jumped +7.7% y/y.  These two boroughs remained London’s most expensive with an average asking price of L1.69M in May.  Camden, the third most expensive borough in London, had an average asking price of L1M.

URGENT: Are You Worried About Having A Slower Start To The Year? Don’t Hit The Panic Button, Learn How To Have Massive Success In A Shifting Market. When You Attend This Exclusive Training You Will Learn 17 Surprising Secrets Of The Top 100 $ Millionaire Agents. Claim Your FREE Spot Now. After You Have Attended This Event You Will Experience A Huge Feeling Of Relief Knowing You Will FINALLY Laugh At Your Money Worries – You Will Have Your Own Personalized 2022 Step-By-Step Business And Lead Generation Plan. Learn Now How To Generate 100’s of Motivated Leads for FREE, Without Coming Off As A Pushy Salesperson and Losing Your Soul. You Will Soon Know How To Become One of the 1000s of Agents Making HUGE Money In This Changing Market. Claim your FREE spot now. YES, I Want To Attend The FREE Webinar! <——Click To Register

P.S. Free Webinar, Limited Space. Less Than 300 Spots Still Available. 

Thanks to MansionGlobal.

Claim Your FREE Real Estate Treasure Map!