Rightmove – Asking prices at record highs
The average UK asking price for property rose to a record £305,732 in April, according to Rightmove.
Rightmove has been recording asking prices since January 2002 and covers 90 per cent of estate agents.
The rise is a 0.4 per cent increase on March’s £304,504.
The previous highest asking price was £304,943, set in July 2017.
But on average house sellers get 96.7 per cent of their final asking price, a difference of around £10,000 on average asking prices.
Asking price trends vary by region.
In Scotland, April asking prices were £153,833, up 2.9 per cent on March. This was the highest regional increase.
The biggest fall was London, where new sellers asked for £628,039 on average, down 0.6 per cent month-on-month.
The average difference between final asking price and actual selling price was 4.4 per cent in April in the capital.
Rightmove director Miles Shipside says: “Home buyers are seeing average asking prices at their highest-ever level with upwards price pressure getting stronger the further away you move from London.
“However, higher prices stretch buyers’ willingness to pay or ability to afford them. This month’s increase of 0.4 per cent is the lowest at this time of year since 2008, though the subdued figure could partly be a re-balancing from the seasonally large 1.5 per cent rise the previous month. The earlier Easter Bank Holidays and heavy snow disrupting property marketing will also have an effect on like-for-like comparisons with last year.”
Source: Mortgage Strategy