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House prices continue to rise as buyers outweigh sellers 19 to one.
A combination of the Stamp Duty Tax holiday, which transitioned to a new phase at the end of June, as well as a nationwide shift in lifestyle needs during the pandemic bred record-breaking sales.
Figures released by Rightmove have indicated that while there have been 140,000 more sales agreed than the long-term average, there has also been 85,000 fewer new listings which has helped to create a shortfall of 225,000 properties on the market.
This discovery is also supported by Propertymark’s monthly Housing Market Report which highlighted that there was an average of 19 buyers to every property on the market for the month of June.
Future housing stock
The lack of housing stock compared to the appetite of buyers has encouraged the record-breaking hike in property prices that the market has experienced this year, with Propertymark members reporting that 40 per cent of properties had sold for more than the original asking price during June.