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Asking prices reach all time high

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by Jan Harris
Asking prices reach all time high

The asking price for property in the UK has reached record high levels, boosted by a surge in prices in London, according to property site Rightmove.

The average asking price for property in England and Wales increased by 2.9 per cent in April to £243,737

Asking prices in London increased by 2.1 per cent to £464,944 during the month, while prices in the South West rose 5.8 per cent to £270,735.

Prices are now at their highest level since May 2008, with prices in London 14.9 per cent higher than they were four years ago.

However, the average asking prices in the rest of the country are 4.3 per cent lower than they were in May 2008, suggesting that the north-south divide is widening.

Regional differences mean that the average asking price nationally has fallen 9.9 per cent in real terms since May 2008.

Righmove’s director, Miles Shipside, said: “This is not a universal sign of a housing market recovery.

“The richest seams of housing market activity are concentrated around those with access to cash and finance, with a strong bias to the south and London in particular.”

Meanwhile, Countrywide estate agency has warned that we could become a nation of renters unless the government takes action to help potential house buyers.

Countrywide suggests that people between the ages of 18 and 34 could be priced out of the market after a survey found that almost half of people in this age group said that raising a deposit was the biggest barrier to buying a property.

Countrywide has also published the result of a poll on people’s feeling about the housing market.

Out of the participants who were not planning to move house, 21 per cent said that this was because they couldn’t afford a deposit, 16 per cent said they would be unable to afford mortgage repayments and 16 per cent were put off by costs such as stamp duty.

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News posted: April 16, 2012

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