May's Market Insights

According to Rightmove’s May 2022 House Price Index Report

Price of property coming to market hits a fourth consecutive record of £367,501, up by 2.1% monthly (+£7,400):

• Average asking prices have risen more than £55,000 in the past two years, compared to a £6,000 rise in the two years before the pandemic

Activity levels remain strong and still significantly higher than pre-pandemic, though there are signs that the frenetic market is starting to ease:

• The number of buyers contacting estate agents in the month is 31% higher than the more normal 2019 market, but down 14% year-on-year

• Speed of market means available properties down 16% compared to last year and down 55% compared to 2019 across Great Britain. New stock is most desperately needed for 2 bedroom semi-detached houses in the South East

• Sales agreed are up 12% year to date compared to the same period in 2019, and down 17% year to date compared to 2021

New Rightmove analysis tracks first-time buyer affordability and the impact of rising interest rates:

• Average monthly mortgage payments are back to being higher than rental payments after four consecutive interest rate rises, though historically low interest rates make mortgage payments only 11% higher than ten years ago, while rental payments are 40% higher

• Solo first-time buyers hardest hit, now needing a 34% deposit compared to a 25% deposit ten years ago

Read the full Rightmove House Price Index here