16 Apr UK property asking prices hit record high, says Rightmove

Posted at 16:32h in Barton Wyatt by

Asking prices set by sellers putting their homes on the market have reached an all time high, latest figures reveal. Typical asking prices in England and Wales rose 2.9 per cent in April to reach £243,737, according to Rightmove.

This is 0.5 per cent higher than the previous record set four years ago in May 2008, the property index shows. Both London and the South West have recorded new price peaks this month.

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Asking prices in the capital have risen by 2.1 per cent to £464,944, and in the South West by 5.8 per cent to £270,735.

However, the national average is being boosted by the ‘London effect’, Rightmove said, with homeowners in the capital hiking their asking prices by 14.9 per cent since May 2008.

By contrast, sellers’ average asking prices in the rest of the country have fallen by 4.3 per cent over the same period.

“Those deciding to sell in the south are looking a lot more confident in their pricing power,” Rightmove director Miles Shipside said.

But he added that local market conditions vary considerably.

“While the overall prospects of a seller achieving a record price are higher in London and the South West, doing your research on your own local micro-market is essential to gauge what type of property is in demand, how quickly it is selling and how close to the asking price is being achieved,” he said.