Asking prices of newly marketed property in Britain hit a record high in June, jumping for the third consecutive month. Data from the property search portal Rightmove shows that on a monthly basis, average asking prices advanced from £1,364 or 0.4% in June.
This makes the annual increase in asking prices around 1.7 per cent, up from 1.1% from the previous year. According to Rightmove’s report, sellers ‘pricing power’ has been given a boost by the declining housing stock in the UK’s northern regions, including Wales, Scotland, the Midlands and northern England. By contrast, southern areas of the UK have more homes available on the market, which is favourable to buyers as their choice of properties have widened.
Speaking of the continued upward growth of property prices after a more subdued start to the year, Miles Shipside, Director of Rightmove said:
“The national average new seller asking price continues to creep upwards, setting a new record for the third consecutive month.”
“Sales agreed by estate agents overall in May have bounced back from a slower start to the year and while still slightly below May last year, they are ahead of 2016.”
Shipside noted how given the current uncertain political climate and stretched buyer affordability, the growth in asking prices is a “pleasingly strong flourish at the end of the spring selling season.”
With asking prices continuing to rise, the current housing climate in Britain is attractive for homeowners thinking about putting their house on the market.
If you are thinking about putting your property on the market in London or are looking to take advantage of the wider choice of property available to purchase, contact us. Our friendly and professional team of Estate Agents can take care of all your buying and selling requirements.