Rightmove’s HPI July 2021 Explained

Thu 05 Aug 2021

The first half of 2021 has brought a period of record-high prices to the housing sector but has also revealed a dramatic shortfall in houses currently on the market, Rightmove has reported in its recently published house price index report.

Approximately 225,000 properties are required across the country to address the gap in property demand. And, with prices continuing to increase in nearly every region across the country, there are huge opportunities for homeowners considering selling their property.

What does this mean for sellers?

Family properties are experiencing the biggest imbalance between sales and new stock levels, with an almost 40% surge in sales of properties with over four bedrooms, compared to a 15% reduction in the number of these types of property coming to market.

Three-bedroom properties also face a shortfall as sales see an increase of 28%, plus a 10% drop in supply compared to 2019.

As the shortfall of housing continues into the second half of the year, we can expect housing prices to continue to increase, meaning that sellers may be surprised how much more their home is worth.

Regionally, the South East has seen an increase of 1.4% in house prices, resulting in a significant 7.6% growth on last year’s prices.

What does this mean for buyers?

Despite the shortfall in homes, the volume of sales completed last month has been at an all-time high.

Chris Sawyer, Director at Sawyer & Co, said: “We are still seeing a high level of viewings for new listings across all of our areas, with family properties seeing the highest levels of interest.

“Now is a fantastic time to sell your home, and with prices still on the increase, you may be surprised with how much your current home is worth.”

If you are considering selling your home, find out what it is worth with our valuation service here or by calling 01273 778844.