The average price tag on a home reached a record high in May, according to Rightmove. Across Britain, the price of a property coming to market rose 0.8 per cent, or £2,807 month on month. The average is now of £375,131.
Pent-up demand from would-be buyers who paused their plans last year is a key driver behind increased home mover activity despite mortgage rates remaining elevated for longer than anticipated, Rightmove said. The number of sales being agreed during the first four months of the year is 17 per cent higher than last year.
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