UK average house price hits new record high of £360,000 as homes are selling quicker than ever

manchestereveningnews.co.uk:

The average house price in the UK has reached a new all-time high as the price of properties coming onto the market continues to soar. The standard cost of a home across the country now sits at £360,101 after prices climbed for the third consecutive month with an increase of more than £19,000.

This is the largest growth ever seen in any three-month period since records began, according to Rightmove, who say that continuous buyer demand is enabling sellers to ask and achieve higher prices. With not enough properties available on the market, sellers are able to find a buyer 'quicker than ever' previously seen by Rightmove and twice as quickly compared to the market in 2019.

Despite the cost of living crisis we are currently facing and in comparison to the stamp duty holiday period we've previously seen, the housing 2022 market continues to set new milestones for price and activity levels.

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Across all regions and markets in the UK, average house prices have reached record highs and it is only the second time since 2007 that Rightmove has measured such an event. Around 53% of properties coming onto the market are selling at or over the asking price.

Tim Bannister, Rightmove’s Director of Property Data said: “With three new monthly price records in a row, 2022 has started with price-rise momentum even greater than during the stamp-duty-holiday-fuelled market of last year.

"While growing affordability constraints mean that this momentum is not sustainable for the longer term, the high demand from a large number of buyers chasing too few properties for sale has led to a spring price frenzy, a