New analysis from Rightmove’s latest house price index has revealed that house prices have hit a new record high of £338,462. The latest high point for the market has been driven not only by the stamp duty holiday but also a changing list of priorities for homebuyers, with house prices rising fastest in rural areas and demand for homes worth more than £1m rising fast. 

While buyer demand remains strong, the availability of housing is down more than 26% compared to last year’s average – leaving prospective buyers battling it out for the most in-demand properties. Total listings are also 33% lower than they were this time in 2018 and 2019, and 5% of UK homes have changed hands over the past year.

This has led many to rush through transactions, primarily in time for the stamp duty savings and now to avoid missing out in a time when supply is low.

Simon Bath, CEO at iPlace Global, (creators of moveable.uk) said of the data: “So many people have paid over the odds on property this year, and even on moving home. Services overcharge in response to increased demand and a lack of available resources, and people rushing to make the deadline have no time to shop around for the best deal – and just want to complete as soon as possible.”