U.K. property portal Rightmove PLC said Monday that the average price of property coming to market in the U.K. climbed in January and early February, in a surprise turnaround after three consecutive monthly falls.
The average price of property climbed by 0.5%, or 1,522 pounds ($2,103), between Jan. 10 and Feb. 6, Rightmove said.
The rise was fuelled by a shortage in supply as pandemic-driven restrictions drove upward price pressure. Meanwhile demand also increased, with all indicators of customer activity higher than a year prior. Visitors to the portal were up 45% year-on-year, while agreed purchases rose by 7%, it said.
The increase comes against expectations of a loss in market momentum, with the temporary lifting of the stamp duty threshold set to end on March 31, the portal said.
"It remains to be seen if this momentum will be enough to make up for the removal of the stamp duty savings that are benefiting many buyers and have been adding a sense of urgency to the whole market," Rightmove's director of property data Tim Bannister said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
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February 15, 2021 at 01:48PM
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UK house prices rose in January amid higher demand - MarketWatch
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