House Prices Continue To Hit Record Highs

8th June 2022
Home > News > House Prices Continue To Hit Record Highs

There is a saying that “records are made to be broken”, but they probably shouldn’t be broken every month. However, this appears to be the case in the UK housing market.

We see a great deal of activity and excitement about property in Wynyard and surrounding areas at a local level. At Anthony Jones, we know there is considerable demand for homes which still outstrips so many other factors in the housing market.

We know this is happening locally, and it is no surprise that it is the same for the UK market, so the average price of homes coming to market continues to rise.

Fourth record breaking month in a row

The price of property coming to market has hit a fourth consecutive monthly record of £367,501, up by 2.1% and puts prices £55,000 higher than pre-pandemic, according to the latest data released by Rightmove.

According to figures provided by Rightmove, the average price of property coming to market has reached £367,501. This is the fourth month in a row this figure has reached a record high. Compared to the previous month, this is an increase of 2.1%. Compared to the average price of property coming to the market before the pandemic, the figure is up by £55,000.

Rightmove highlights gap between supply and demand

With interest rates also rising, there is a lot for people interested in the housing market to consider. However, with the supply of homes falling short of demand, property house prices will likely continue to rise.

Rightmove states the supply of homes is currently 55% down compared to 2019 levels. Even with that in mind, the number of agreed sales is up by 12% compared to 2019.

Tim Bannister, Rightmove’s Director of Property Science, comments: “People may be wondering why the housing market is seemingly running in the opposite direction to the wider economy at the moment. What the data is showing us right now is that those who have the ability to do so are prioritising their home and moving, and 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. We anticipate that the effects of the increased cost of living and rising interest rates will filter through to the market later in the year, and a combination of more supply of homes and people weighing up what they can afford will help to moderate the market.”

What happens next in housing market?

It is only natural that people are concerned about what happens next in the housing market. Nothing can rise forever, but there is hope that the market’s rise will fizzle out, returning to a level of normality.

At Anthony Jones, we appreciate these are unprecedented times, but we have operated through many ups and downs in the housing market. Even when you are in the middle of an extreme movement, you know a change will come eventually.

We firmly believe this, and we aren’t the only property market specialists who think like this.

Jonathan Samuels, CEO of Octane Capital, comments: “The UK housing market has certainly shifted down a gear or two when compared to the manic market conditions seen throughout the pandemic. This is only to be expected as the record levels of market activity seen over the last two years were simply unsustainable on a long term basis. Buyer interest and sales volumes remain very high, however, a correction is most certainly on the way, although this is likely to come in the form of a return to normality, not a market collapse.”

How are house prices in Wynyard faring?

As of the end of May 2022, Rightmove states Wynyard house prices were as follows;

Properties in Wynyard had an overall average price of £452,158 over the last year.

The majority of sales in Wynyard during the last year were detached properties, selling for an average price of £488,334. Semi-detached properties sold for an average of £257,999, with terraced properties fetching £417,500.

Overall, sold prices in Wynyard over the last year were 16% up on the previous year and 3% up on the 2013 peak of £437,262.”

As you can see, there has been a significant increase in property prices in the past 12 months. Given the events of the past couple of years, and the stamp duty holiday was still in effect this time last year, it is essential not to get too carried away with comparisons of recent years.

However, the movement in the Wynyard market is similar to the national trend. So, it looks as though the local area is keeping peace with what is happening across the country. If you want to make an informed decision regarding the housing market, make sure you stay in touch with us.

Contact Anthony Jones for all Wynyard property matters

If you are looking for help with any matter of the Wynyard property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can.

If you would like to contact us over housing matters, please call us today on 01325 776424.


Share this article

Related News Articles

arrow
arrow

2nd November 2022

North East Property Portfolios Make Sense

20th September 2023

The Darlington Economic Campus: A Boon for Homebuy...

18th January 2023

More Luxury Homes For Wynyard In 2023?

2nd August 2023

The 'Broken' Bus Network and its Implications for...