Average price of a home hits record high for fifth month in a row
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “We expect this to bring the annual rate of price growth down from the current 9.7% towards the 5% increase that Rightmove predicted at the beginning of the year.” Rightmove said it currently takes around 150 days to complete a purchase on average after agreeing a sale – 50 days longer than at this time in 2019. Another reason for this could be market sentiment shifting somewhat based on the rising costs of living.” Rightmove’s report was released as the EY ITEM Club said it expects UK house prices to rise 8% over the course of 2022, followed by growth of 1.8% in 2023 and 1.2% in 2024. “Crucially, the economy is also not seeing the high levels of unemployment that have been a key factor in previous house price contractions.” It's not just the quantity of houses we're lacking, but the type and suitability of properties coming to market Nitesh Patel, Yorkshire Building Society Another report released on Monday, from Yorkshire Building Society, found that around three in five people believe their current home meets none, or only some, of their needs. Nitesh Patel, economist at Yorkshire Building Society, said: “Demand for housing has far outstripped supply for years, but it’s not just the quantity of houses we’re lacking, but the type and suitability of properties coming to market – be that new or existing homes.”
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