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Why do property asking prices keep rising?


The demand for homes is outstripping the number of properties available to buy, More than 180,000 new properties have been listed on Rightmove since the start of last month, but it’s still not enough to meet demand. Homes are selling aster than ever before and not only that, a record number are being sold at or above asking price.
 
Large, detached homes with big outdoor spaces are in high demand from buyers with big budgets, with many now working remotely and commuting less. These sales at the top end of the market are contributing to the largest rise in asking prices we’ve seen at this time of the year since 2015.
 
lots of people are moving from more expensive city areas to the countryside, or the coast. This is pushing up prices in towns and villages in the most in-demand regions, including Wales and the South West.
 
The temporary reduction of stamp duty tax rates in England has offered buyers a potential saving of up to £15,000, so many buyers are racing to move before the deadline.
 
The forecast is a very early indication of demand is the number of people sending enquiries to estate agents, which is up by about 40% on 2019. With this, we are seeing signs of the market cooling. The number of sales are still growing but available properties are in short supply. This super-charged activity can’t go on forever, but we expect the market to remain vigorous for the remainder of the year.
Source: https://www.rightmove.co.uk/news/articles/property-news/why-do-house-prices-keep-rising/

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