23 Jun

Property asking prices on the rise

Property asking prices on the rise

There has been a rise in asking prices across England and Wales, according to the latest index.

Data from Rightmove suggests prices have increased by 0.8 per cent to an average high of £310,471 - despite the ongoing uncertainty about membership of the European Union.

The month also saw the time taken to sell fall to an average of 57 days – the fastest ever recorded by the Rightmove index.

Everywhere across the country recorded an increase in asking prices as supply dropped as more sellers hold off until after the referendum, apart from London, which saw a drop of 0.2 per cent compared to the previous month. However, asking prices in the capital remain 4.8 per cent higher than at the same point in 2015.

Miles Shipside, Rightmove director and housing market analyst, explained buyers seem to have been less phased by the EU debate, with many focusing on their own financial position.

"Most seem to be getting on with the certainties they can control, namely if you find a suitable property snap it up. Indeed the figures for average time to sell indicate that properties are being snapped up more quickly than ever," explained Mr Shipside.

He added: "Given that housing markets dislike uncertainty, which could become a reality in the event of a Brexit vote, any dampening of buyer activity might mean that more realistic pricing would be an even more critical factor to achieve a sale."ADNFCR-1222-ID-801820649-ADNFCR

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