Data from Rightmove shows that average asking prices of new UK property coming onto the market reached a record high in October 2020.

Summary:

• Average asking prices for newly listed property in the UK in October are now 5.5% higher than at the same time in 2019
• Rightmove also forecasts that, by the end of this year, average UK property prices will have increased 7%
• It marks another month of surging activity in the property market following the UK’s three-month national lockdown earlier in the year

It’s yet another month in 2020 where UK property prices reached a record high.

As reported by the Guardian, property portal Rightmove has revealed that the average asking price of new homes coming onto the market in October reached a new record level.

Sellers are now demanding an average price of £323,530 for their home. This is an increase of £16,818 – 5.5% – more than asking prices at the same time in 2019.

It adds to the wave of reports in recent months of record growth levels in the market. In September, Nationwide reported that average property prices in the UK had reached a record high, with price growth in August the fastest monthly increase for 16 years.

Following the three-month national lockdown, a combination of pent-up demand, coupled with the new stamp duty land tax holiday in England and Northern Ireland, has seen activity boom in the UK property market.

“Prospective buyers are seeing properties selling fast and prices rising as they search for their next home, adding to momentum and spurring them on to act quickly,” explained Tim Bannister, Director of Property Data at Rightmove.

“With the number of buyers contacting agents still up by two-thirds on a year ago, there is plenty of fuel left in the tank to drive further activity in the run-up to Christmas and into next year.”