House prices have again made the headlines today following the publication of Rightmove's House Price Index.
The report shows record prices being achieved for larger homes as it says buyers compete for space.
Regions singled out in the report as those with the strongest price jumps include East Midlands, West Midlands, Yorkshire and the Humber, North East, North West and Scotland, which have been highlighted as achieving new records.
The property website puts the average price of a home in the East Midlands at £242,555 this month. A monthly change of 0.3% and an annual change 5.8%.
Tim Bannister, Rightmove’s Director of Property Data, said: “Increased competition for second-stepper homes has pushed prices to a record this month for those looking to take the next step up the ladder.
"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.”
Local estate agent, John Busuttil, associate at Fine and Country Nottingham, said: "There is no doubt that in the main, premium properties that appeared to be lingering on the market pre-lockdown have seen a surge of interest and have been the subject of offers at or about the full market asking price."
He added: "There is some levelling off a little now but a tremendous amount of business has been undertaken. We seem to be getting back to the normality of pre-lockdown now."
Rightmove’s analysis estimates that there are nearly 40% more sales currently on the journey from agreeing a price towards completing the sale compared to this time last year.
Daniel Gooding, at Rex Gooding Town and Country Homes, added: "In West Bridgford we have seen a return to best and final offers on some properties, the likes of which we have not seen since 2015. This is mainly due to a lack of stock created by the two-month shutdown of the housing market and the freeze on stamp duty up to £500,000, a saving to buyers of £15,000 on properties at £500,000 and over."
