UK property asking prices have hit an all-time high of almost £300,000. House sellers so far this month have been looking for an average of £299,287 across England and Wales, according to Rightmove.
Since January the figures increased by £8,324 or 2.9 per cent, and the latest figure is £2,738 above the previous all-time high which was set back in October 2015.
Unsurprisingly the biggest increases were in London, where the average asking price has risen by over 10 per cent in the last 12 months, to £643,843. In the East, the average asking price has also risen by just over 10 per cent with the average price now being £321,630.
Rightmove have stated that the demand for housing is also increasing to record highs, with 4.9 million phone and email enquires in January.
While demand has outstripped supply and helped push prices up in recent years, Rightmove said that there were now “welcome signs of fresh supply increasing, with the volume of new properties coming to the market is at the highest level since the credit crunch of 2008”.
But Rightmove were also keen to warn that the increase is “patchy” with only London, the South East, the South West and Yorkshire and the Humber seeing above-average increases in stock. In the West Midlands, stock is down and the North West and Wales have only seen a small stock increase.
Bright Advice – Mortgages St Neots
Encouragingly for first time buyers, the most common property types coming up on the market are those with two bedrooms or fewer, with the amount of these properties up by ten per cent on this time last year. Rightmove claimed that 2016 could end up being “the year of the first-time buyer” due to the increased supply of these properties, combined with “low interest rates, initiatives such as Help to Buy, and buy-to-let investors facing increasingly adverse taxes”.
Miles Shipside, Rightmove director said the increase in these property types coming to the market could be due to a wave of first-time sellers putting their homes on the market ahead of a stamp duty increase for buy-to-let investors in April.
Thank you for reading the latest news from Bright Advice, if you need help regarding mortgages our experienced team of mortgage advisors can help you! Contact us today.
Your home may be repossessed if you do not keep up repayments on your mortgage.