House prices rise as buyers seek more space - Rightmove
By Michele Maatouk
Date: Monday 21 Sep 2020
(Sharecast News) - UK house prices saw the highest annual growth in September since 2016 as buyers sought larger properties following the Covid-19 lockdown, according to a survey by property website Rightmove.
House prices rose 0.2% on the month following a 0.2% decline in August. On the year, prices were up 0.5% in September compared to 4.6% growth the month before, marking the highest annual growth rate since September 2016 .
The average asking price stood at £319,996, just £269 below the record set in July and the survey showed that the price of three- or four-bedroom homes hit a new record of £291,618.
Tim Bannister, Rightmove's director of Property Data, said: "Needing more space has always been the most popular reason for moving house, but now there's a new urgency for extra space to be able to work from home, which means that there are different sets of buyers competing for the same type of property.
"At the start of the year a fourth bedroom was very much a luxury for buyers trading up, but it's now emerging as a must-have for those who are able to take that step. With overall asking prices just a few hundred pounds shy of July's record, and buyer demand at an all-time high, those currently looking for their next home are likely to find that only offers close to the asking price will be considered, especially for larger homes."
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