The Housing Shortage in the UK Has Led to a Record "Madness" in the Sales Market
April 27, 2022
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According to Rightmove, the price that sellers requested in April was 9.9% higher than a year ago.
The Rightmove real estate portal said that the asking prices for housing in the UK have reached a record level due to a shortage of real estate on the market. According to the company, the price that sellers requested in April was 9.9% higher than a year ago and amounted to $463,600.
Context. The UK housing market prices continue to grow despite three consecutive increases in interest rates and cuts in household finances due to rising taxes and energy bills. The market is suffering from a chronic shortage of new buildings for sale.
Quote. "The imbalance between supply and demand is so out of control, it looks like any significant slowdown will occur gradually and will be mild rather than severe," said Timothy Bannister, the director of real estate data at Rightmove.
Other key facts:
More than half of the properties sold at the asking price or higher, which is the highest figure in the entire history of observations.
Sellers were able to find a buyer twice as fast as in 2019, in just 33 days from the moment the property was put up for sale, which is the fastest pace in the entire history of observations.
The monthly increase in the asking price was the highest in the southwest of England, where housing sold the fastest, in an average of 28 days.
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