FOMO drives both buyers and sellers in UK’s robust and competitive housing market.
New Listing Prices in United Kingdom Increased Eye-Popping +2.3% m/m in February
Month-over-month new listing prices in the United Kingdom jumped a startling +2.3% February. According to Rightmove, Britain’s largest online real estate portal and property website, this m/m +2.3% increase in new listing prices was the biggest increase in over 20 years.
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Throughout the UK, new listing prices in February hit a record average of L348,804 (US$474,396.) Compared to February 2021, listing prices climbed +9.5%, the highest annual price growth since September 2014.
High Demand Driving High Listing Prices
“High demand and a shortage of available stock are supporting a rise in prices and a new record average asking price this month,” said Tim Bannister, director of property data with Rightmove.
“However,” Bannister continued, “despite rising costs and rising interest rates, the data right now shows demand rising across the whole of Great Britain, with many people determined to move as we head into the spring home-buying season.”
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