Property Prices forecast revised upwards as the market continues to outstrip expectations
The sizzling summer is not the only heat that we are experiencing as house prices rise again this month, outperforming property experts’ predictions.
Rightmove has revised its full-year 2022 house price forecast from 5 to 7% growth, as monthly values climbed again in the latest July figures.
UK asking prices in June were up 0.4% – or £1,354 – higher than the previous month, taking them to new record levels of £369,968, according to Rightmove’s latest house price index.
Supply and Demand
Despite a cooler market – with buyer demand down compared to the same month last year – price increases are largely down to record low volumes of homes for sale. Simply put – demand is still outstripping supply.
Clare Phillips, Partner at Phillips George said; “It continues to be a seller’s market, as we see our properties flying off the shelves. There is continued demand for good quality homes, and we are seeing that trend continue over the summer.”
“The latest house price forecast revision from Rightmove pushing up anticipated prices by 2%, shows a resilience to the housing market in a time of less certainty.”
On the up
While the housing market is perhaps not as frenzied as we have seen over the last two years the value of property and therefore the asking price for your home continues to rise.
Find out how much your home might fetch on the market now, by calling us, or using our instant valuation tool.
As an estate agent myself, I would like to think I set my standards high, but Clare & Phillips George as a whole raised the bar!!! Amazing experience from start to the finish when we purchased a property in Wigston. We had actually been dealing with another agent on the same road as them and it led us to pulling out because the service was so poor. You can see why they are doing so well, every member of staff was friendly and happy to help. It really made the whole experience of buying our first home so much better. Thank you so much for everything. Keep smashing it!!!
Krishan Morjaria – April 22
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Clare has been in the industry since 1998. Her career started as an administrator and she has worked through each role in estate agency from negotiator, sales progressor, valuer, manager and culminating in opening Phillips George as a co-founding partner. Through Clare’s career she has obtained professional qualifications with both NAEA (national association of estate agents) and ARLA (association of residential letting agents) to ensure that she delivers a first class service to all of her clients. Clare’s favourite part of estate agency and lettings is helping customers achieve their goals and making the process as smooth as possible for them.