No Sign of Summer Slowdown
House prices are showing no sign of abating for the usual summer lull, says Righmove, as it publishes record figures for July


The property market is continuing its summer of growth, with Rightmove recording record price jumps in July. According to the property website, average asking prices have jumped by £6,137 in July - the largest monthly increase for almost five years. Latest figures show demand is still outpacing supply, particularly in the south of the country and annual growth rates have reached double figures (10.6%) for the first time in 16 months. Rightmove attributes the burgeoning market to stable interest rates and a strong economy instilling buyers with plenty of confidence. The continuing market improvement has led Rightmove to speculate as to whether the widely predicted slowdown will materialise in the second half of the year. 'There are always fewer new instructions as we enter the summer months, but this year we have not seen a corresponding fall in the number of buyers,' said Miles Shipside, Commercial Director of Rightmove. 'Consequently, sellers are asking for more and getting it, especially in the south.' A shortage of top quality houses is also bolstering prices. 'The lack of supply of suitable property on the market, exacerbated by the shortage of new build, means that buyers are faced with paying record prices,' Mr Shipside explained. 'These are now set to defy all expectations for 2006'. London continues to lead the market with average prices at a recording breaking £324,216 - a 2.9% rise since last month. 'The number of enquiries for London properties keeps increasing,' Mr Shipside said. 'This combined with a shortage of supply pushes prices up. It's a sign of a really strong market when the onset of summer holidays fails to dent demand. We are talking about a London phenomenon!'
Sign up for the Country Life Newsletter
Exquisite houses, the beauty of Nature, and how to get the most from your life, straight to your inbox.
Country Life is unlike any other magazine: the only glossy weekly on the newsstand and the only magazine that has been guest-edited by HRH The King not once, but twice. It is a celebration of modern rural life and all its diverse joys and pleasures — that was first published in Queen Victoria's Diamond Jubilee year. Our eclectic mixture of witty and informative content — from the most up-to-date property news and commentary and a coveted glimpse inside some of the UK's best houses and gardens, to gardening, the arts and interior design, written by experts in their field — still cannot be found in print or online, anywhere else.
-
Chelsea Flower Show 2025: What else to do in SW3 if you're coming to the world's greatest flower show
There's more to Chelsea than just the Flower Show so we've rounded up some of the best places to eat, stay and shop.
By Country Life Published
-
Uniquely unique? The Yorkshire grain silos transformed into a home that's a symphony in glass, steel and curves
Amid the beautiful countryside of North Yorkshire, on the edge of the Castle Howard Estate, The Silos is a property for which the word 'house' simply doesn't cut it. And that's not the only way in which it's made us throw out the dictionary.
By Toby Keel Published