23 May

Property asking prices on the rise

Property asking prices on the rise

Asking prices across England and Wales have risen for a fifth month in a row as the market remains upbeat.

Figures from the latest Rightmove report show prices are up by 1.2 per cent to reach a record average high.

Although there have been suggestions the market in London is slowing down, the data shows asking prices in the capital are still strong, with a 2.1 per cent increase over the past month.

The positive growth means the average price for a home in England and Wales is now £317,281 and £649,864 in London.

Looking at the figures it appears homeowners with young children are the main driving force behind the price increases as they are now twice as likely as the average person to be looking to move.

It would also appear that the forthcoming general election and the ongoing Brexit uncertainty has not damaged the market momentum, with asking prices still stronger than during previous election years.

Miles Shipside, Rightmove director and housing market analyst, explained: “We normally see a high proportion of market activity in the first half of the year, and in spite of potentially disruptive events the established pattern is continuing.

“It remains to be seen how much momentum may drop away in the second half of the year with stretched affordability a problem for potential buyers, though competition among lenders who are keen to lend will help some to push their budgets higher,” he added.ADNFCR-1222-ID-801836133-ADNFCR

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