New asking prices surge 7.6% in a year – but is ‘price flurry’ sustainable?

Average asking prices for property new to the market has gone up 2.6% in a month, Rightmove reports this morning.

The average new asking price is now £271,669 against £264,875 a month ago.

Asking prices are now 7.6% up on this time a year ago.

However, Rightmove queries whether the “price flurry” is sustainable, with new seller numbers up 10% compared with a year ago.

Rightmove also notes that the south-east has overtaken London as the region with the highest annual price rises – 10% for the south-east and 9.6% for London.

Rightmove’s asking price of £271,875 compares with Halifax and Nationwide surveys which currently give average prices at £187,188 and £188,374 respectively.