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.
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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.
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