The highest-ever average asking price is reported by Rightmove this morning at £286,133, as the property drought tightens.
Today’s asking price is 1.6% up on the previous four weeks and dramatically up from the last peak in May last year, when asking prices were £281,782.
The number of new sellers is down 4% so far this year compared with last, while buyer demand looks to be increasing.
March was the busiest month on record for Rightmove, with traffic up 20% annually to 115m visitors.
Rightmove said that the all-time price high and the slump in available properties underlined affordability issues and posed a significant election challenge.
Rightmove’s Miles Shipside said buyers’ finances are being stretched into new territory.
He said: “While demand is at record levels, there is less fresh property choice to buy this year as fewer home-owners are coming to market.
“Hesitation to sell and the use of property as a long-term investment are factors in this month’s new price record. As we approach the election the highest ever cost of housing sets an interesting challenge for political leaders.”
According to Rightmove, the average agency branch had 61 properties on the market in March, compared with 65 in March last year. The average selling time remains the same at 72 days.
Average asking prices for newly marketed properties is hugely varied over the region, ranging from nearly £600,000 in London (£594,585) to £146,361 in the north-east.
However, all regions across England and Wales show both monthly and annual rises in asking prices for properties new to the market.
The folks at Lloyds bank didn’t account for the fact property prices have been trend line increasing at 7% for over 30 years did they Miles?
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Asking prices don’t necessarily lead to increased sale prices. Here in the South East we are seeing sellers hoping for higher prices but the sales figures remaining very steady
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“The use of property as a long-term investment are factors in this month’s new price record”. How does a long term hold increase the asking price? They are either holding or selling.
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if they aren’t selling the long term properties then there are less out there so drives the price up
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We’re finding that everyone is overvaluing – even though they’re advertising at a higher asking price, the asking prices are being dropped quite heavily. For example, one property has dropped £200k! Asking prices rising means either: 1) the agent valuing can’t value or 2) they’re being far too optimistic.
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“Asking prices rising means either: 1) the agent valuing can’t value or 2) they’re being far too optimistic.”
or 3) Prices are rising.
1) and 2) mean pretty much the same thing, by the way…
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or 4 the applicants on which the Agent is basing their valuation have champagne tastes and beer money.
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