The Average Real Estate Cost in the UK Has Overcome a Historic Milestone
March 22, 2022
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In March 2022, British realty exceeded 350,000 pounds (€422,000) for the first time.
What happened? According to Rightmove, the average cost of housing in the UK in March 2022 for the first time exceeded 350,000 pounds (€422,000) and reached 354,564 pounds (€422,170) - 1.7% more than in February, and 10.4% higher than a year ago. At the same time, the monthly growth turned out to be the most significant for this time of year in the last 18 years.
Reasons. Rightmove said that the jump in the asking price was partly caused by a huge discrepancy between supply and demand when buyers turned out to be more than twice as many as sellers. For those putting their home up for sale, the probability of finding a buyer in the first week is higher than ever at this time of year, and twice as high compared to the same period in 2019.
Quote. "Many of those who sell homes in this record market also face the prospect of re-buying in the same market in fierce competition with other buyers," says Rightmove Director Of Data Services Timothy Bannister.
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