Middle East News 247

UK house prices show ‘biggest seasonal rise since 2015’

Shortage of property for sale is driving up prices, says property website

Asking prices for British homes between mid-May and early June rose by 0.8 per cent compared with a month before, the biggest rise for the time of year since 2015, as housing remains in short supply, property website Rightmove said on Monday.

The increase is less than the 1.8 per cent recorded a month earlier but still takes asking prices 7.5 per cent above their level in early March 2020, before Britain went into its first Covid lockdown.

“Buyer demand remains very strong, though with an all-time low in the number of properties available for sale and new stock at higher-than-ever average prices, there are early signs of a slowing in the frenetic pace,” said Tim Bannister, Rightmove’s director of property data.

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