Housing market sees busiest month in a decade - Rightmove

July was the busiest month for home buying in a decade, according to figures released by property website Rightmove on Monday, boosted by pent-up demand and a reassessment of people’s needs and requirements after the Covid-19 lockdown.

Home movers put more property on the market and agreed more sales than in any month for more than 10 years, worth a record total of over £37bn and up 20% compared to the previous high.

Based on data collected between 12 July and 8 August, average asking prices were up 4.3% on an annual basis to £319,497 and down 0.2% on the month.

Prices in London fell by a "more typical" 2% on the month, while the out-of-city exodus drove prices in places such as Devon and Cornwall to new records.

Rightmove director and housing market analyst Miles Shipside said: "There have been many changes as a result of the unprecedented pandemic, and these include a rewriting of the previously predictable seasonal rulebook for housing market activity and prices. Home movers are both marketing and buying more property than we have recorded in any previous month for over ten years, helping push prices to their highest ever level in seven regions.

"Rather than just a release of existing pent-up demand due to the suspension of the housing market during lockdown, there’s an added layer of additional demand due to people’s changed housing priorities after the experience of lockdown. This is also keeping up the momentum of the unexpected mini-boom, which is now going longer and faster."