The average asking price across the UK is now £43,000 higher than it was in late 2019 according to data and industry consultancy TwentyCi.
Its Q3 2021 Property & Homemovers Report reveals the current average asking price to be £388,000 compared to £345,000 two years ago, an increase of 13 per cent.
Northern Ireland has experienced the largest rise in asking prices at 18 per cent, followed by Wales at 16 per cent and East Midlands and North West at 12 per cent respectively.
Inner London, at two per cent, has seen the lowest growth in asking price.
The rising asking prices reflect the distinct lack of property coming to the market. Compared to Q3 2019 there are now nine per cent fewer New Instructions whilst Sales Agreed are 17 per cent greater, suggesting that demand continues to outstrip supply.
Aside from Inner London, which still has over four months of stock left on the books (reflecting the lowest growth in asking price) the whole of England, Wales and Northern Ireland has between 1.7 and 2.5 months of property stock left to sell.
Overall, the available months of stock are down by half on historical norms.
Despite the end of the Stamp Duty holiday, demand for houses is still strong with 361,061 households saying that they want to move.
Compared to Q3 2019 the number of households in the home moving journey is up by 14 per cent with nearly one million households about to move or having moved recently.
Colin Bradshaw of TwentyCi says: “The momentum within the Owner-Occupied residential property sector continues to deliver significant levels of activity across the UK considerably exceeding the volumes seen in the ‘near-normal’ market conditions of 2019.
“However, now that the generous fiscal policy provided by the Stamp Duty holiday has concluded we wait to see if the market will now sharply re-calibrate to pre-2020 levels. In the meantime, the fact that there are huge numbers in the moving journey means that businesses should capitalise on this lucrative market who are wanting to spend.”