UK property prices soar over past month

Homeowners in the UK hoping to sell a property could be encouraged by the news that the market is currently very fruitful for sellers, with prices increasing by 2.9 per cent in the past four weeks.

According to the latest survey from real estate company Rightmove, UK property prices rose by £1,500 per week in the month up to July 8th, creating an overall average house price of £217,580.

This is an annual rise of 10.6 per cent – the largest increase that has been measured since the inception of the study in August 2001.

The results of the survey are made even more surprising by the fact that the summer traditionally acts as a cooling-off period for the housing market, but this year there has been no shortage in the number of buyers.

“In addition to growing demand from affluent buyers there are increasing numbers of households being formed,” said Miles Shipside, commercial director of Rightmove.

“The lack of supply of suitable property on the market, exacerbated by the shortage of new build, means that buyers are faced with paying record prices.”

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