U.K. House Prices Increase Amid Lockdown Easing, Rightmove Says

June 15, 2020 by No Comments

U.K. house prices increased as lockdown measures that froze the market were relaxed, Rightmove Plc said.

Asking prices in June were 1.9% higher compared to March, before the market was put on hold, the property website operator said Monday, bringing average values to 337,884 pounds ($424,000). Restrictions put in place to slow the outbreak of the coronavirus were eased in May, with realtors able to show homes again.

Buyers agreed to pay about 98% of the asking price, and home movers delayed by stay-at-home measures pushed website traffic to its ten busiest days ever in May and June, Rightmove said. People are looking for more space and a larger garden, the report said.

“Buyers may now be trying to exchange quickly, as there are signs of high pent-up demand and upwards price pressure, rather than downwards,” said director Miles Shipside. “There are no signs of panic selling or even a price dip.”

Questions over the strength of the economic recovery and Britons’ job security remain. Official data published Friday showed output plunging a record 20% in April.

While new housing supply is starting to recover, there were over 175,000 fewer sellers between the end of March and the middle of May compared to last year, Rightmove said.

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