Property expert David Leake of Housesetc talks to us about how property is moving through the market at a record pace due to vast buyer demand.
The typical time on the market for unsold property in England and Wales has plummeted to just an average 55 days, 31 days less than in April 2021 and the lowest such figure in the history of this Index.
Consequently, asking prices across England and Wales rose a further 0.9% overall in March, while the average price in Yorkshire jumped a massive 1.7%.
The total stock of property for sale in England and Wales remains extremely low despite a small nudge up again for the third consecutive month.
Monetary inflation is high and climbing, thereby making real home price growth progressively more negative despite the apparent high nominal growth.
Marginally fewer vendors entered the UK market last month compared to April 2021 (-3%), although there were regional differences.
The biggest fall was in London (-18%) while the biggest rise by far was the North East with a 14% increase in new listings year-on-year. The South West property market now leads in annualised regional price growth (+9.6%), narrowly ahead of the East Midlands (+9.5%). Only these two regions show growth above the latest RPI (excluding housing) inflation figure.