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House Prices Reach Record Highs

17 April 2018

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The national average of "new-to-the-market" property has seen a modest increase of 0.4%, adding £1,288 to prices and bring the national average to £305,732, a figure which has beaten the previous record of £304,732 which was set in July 2017.

Director of Rightmove, Miles Shipside said that March was the busiest year the property site has ever have, attracting over 142 million visits.

He continued "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.

“In the more popular locations and for the property with the right specifications, buyer demand is helping to push prices higher. A lack of choice is nudging prices up to test the ceiling of what the market will pay.

It’s not rampant price inflation, and buyers can easily spot a speculative price and ignore a property that is out of line with others nearby, and is also likely to be out of kilter with their pocket.”

Mark Manning, director of Yorkshire estate agents Manning Stainton said “We have continued to see strong growth in the number of new first-time buyers with a 15 percent increase compared to last year and not surprisingly further upward movement in our average house price with the biggest rises in the middle market and those looking for family homes near good schools which remain in short supply.”

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