Rightmove hails property mini-boom in July

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In its latest house price index the property website has registered an annual rise in asking prices of 3.7% – the highest since December 2016. What’s more, year-on-year, buyer enquiries rocketed by 75% in Britain since the start of July, it revealed.

Rightmove said, since the English property market re-opened in May, 44% of the new listings which appeared at that time have now been marked as ‘sale agreed’ – this compares to 34% for the equivalent dates last year.

The stamp duty holiday caused a spike to Rightmove’s data, prompting a 35% rise sales agreed in the five days following the announcement.

Meanwhile, the number of monthly sales agreed was up by 15% in England compared to 2019.

Miles Shipside, director and housing market analyst for Rightmove said: “The unexpected mini-boom continues to gather momentum as more nations reopen.

“Overall buyer enquiries are up by an incredible 75% year-on-year in Britain and we expect activity will increase even further as Scotland has not yet been open for a full month, and Wales still has some housing market restrictions in place.

“The busy until interrupted spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown.”