26 Apr

UK house prices reach record high

UK house prices reach record high

The average UK asking price for a property is now £307,033, according to the latest figures.

Data from Rightmove shows asking prices rose by 1.3 per cent in April compared to the previous month and are now 7.3 per cent higher than at the same point in 2015.

It is likely prices were driven by many buy-to-let investors hoping to avoid the increase in April stamp duty.  

The research also shows that many small properties in the traditional first-time and buy-to-let sector saw a decline of 1.4 per cent compared to the previous month.

"The further demand boost from those looking to complete before 1st April has now dissipated, resulting in a 1.4 per cent drop this month in the average price of a property coming to market in the first time buyer and investor sector," said Miles Shipside, Rightmove director and housing market analyst.

He added: "However, the momentum it created looks to have enabled owner occupiers of these properties to trade up. This has built an onward chain reaction of higher demand in higher price brackets as more people can move."

Detached homes with four or five bedrooms have seen the largest rise with asking prices up by 1.9 per cent or £9,970.ADNFCR-1222-ID-801817254-ADNFCR

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