Market interest decreases, houses still selling in less than 2 months 

HMRC data indicates a steady rise in UK property sales, with a 1.6% increase from April to May, but the market still remains more active than pre-pandemic with 100,870 sales in May 2022 compared to the 97,040 in May 2019.  

The price increase of a UK house is also beginning to slow after reaching a record high average asking price of £368,614 with London’s average coming in at £681,992 (Rightmove). The slow in rising prices could be due to an increase in properties coming to market, correcting the current imbalance between high buyer numbers and properties for sale.   

Courtesy of Rightmove

The steady decrease in asking price alongside usual seasonal decrease in the summer means that there are likely to be some month-on-month price falls until the end of the year. However, sellers will be glad to hear that according to Tim Bannister, Rightmove’s Director of Property Science, “We’re hearing from agents that though they might have had slightly fewer enquirers for each property in recent months, they’re still seeing significant interest from multiple buyers and are achieving successful sales.” 

Rightmove reports that the current average time to secure a buyer in London is 47 days, well under the expected 2 month selling period.  

Even so, Rightmove advises currenting homeowners looking to buy again to put find a buyer for their own property before looking for their next house. This is due to conveyancing logjams – stalls in properties completing – with average completions taking place 150 days after agreeing the sale.  

“With the market as competitive as it is, it is crucial to make your position as desirable as possible. The biggest place I see buyers and sellers fail in making their position desirable is choosing a cheap solicitor. Trying to get a cheap solicitor is detrimental to that transaction going through, so when you are agreeing a sale, whether you are a seller or a buyer, insist on good solicitors.” James Cooley, Operations Director  

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Data Sources 

House Price Index. (2022). Rightmove. https://www.rightmove.co.uk/news/content/uploads/2022/06/Rightmove-HPI-20th-June-2022-Final-1.pdf. 

GOV.UK. (2022). UK monthly property transactions commentary. https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above/uk-monthly-property-transactions-commentary.