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What is fueling the ongoing house price growth?

House prices nationwide are continuing to rise at rapid rates, and although there is a low supply of stock, there was a slight increase in new homes coming to the market in June. This is good news for our future buyers. *

Latest statistics show that the number of houses available on the market is down 11% year-on-year and this scarcity stretches across all regions in the UK. Interestingly, the most significant falls in stock were recorded in the North East and London, with supply falling by 19% and 18.7% respectively. *

In line with this, rising prices are not being perceived as an issue by buyers as marketing times remain historically low, with properties being snapped up in no time at all.

What’s happening in the rental market?

Similarly to the sales sector, rents are also up year-on-year. In fact, the combination of huge demand and scarcity of homes on the market has led to an annual rise of 18.8% in average rents. *

In London we’re seeing even higher rises in rents, with the average price now 27.6% higher than this time last year. *

Have you got a property to sell or let? Contact Gilson Bailey, your Local Estate Agents in Norwich to find out its value today with a free, no-obligation valuation.

Published On: July 5, 2022

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