The average price tag on a home has hit an all-time high of £375,131 in May amid increasing demand for properties, according to Rightmove data, despite mortgage rates remaining at high levels for longer than expected.
Compared to last year, the number of sales agreed upon in the first four months is up by 17 per cent. May is traditionally a peak month for price increases, with new records set in May for 12 out of the past 22 years, according to the report. While Rightmove predicts around 1.1 million completed house sales this year, it acknowledges that the protracted duration to finalise a sale after finding a buyer continues to be a hurdle for both estate agents and those moving house.
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