A longer term look from Rightmove

So what can we tell you about what’s happening?

Rightmove’s economists tells us emphatically that the housing market is not broken.
And this is not 2008. There are vast quantities of mortgages available - albeit more expensive. Lenders have built far greater resilience into their mortgage offers, to reduce risk. And while some homeowners are sadly exposed with newly unaffordable mortgages, new buyers will have to adjust their expectations of the houses they can buy.

Demand up versus pre-pandemic average

Buyer demand over the last month was 20% higher than the pre-pandemic five-year average.

Average asking prices sitting just below record levels

Asking prices are 15% higher than they were two years ago, and they are just a few thousand pounds shy of a price record.

Steady improvement to supply

New sellers have been ticking up, and are now 8% higher than 2019 levels.

Second stepper asking prices remain at record level

The second stepper category (3 beds and 4 beds, excluding 4 bed detached homes) are at a record national asking price of £340,513.