Property asking prices hit new high

By Press Association , Apr 16, 2012
Filed under: House Prices

The average asking price for a property coming on to the market hit an all-time high this month, a survey said, beating the record set nearly four years ago.

Average asking prices are up 0.5% at £243,737 compared with the last peak in May 2008, at the start of the recession, according to the Rightmove House Price Index.

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The number of properties for sale increased by 8.1% outside of London but overall supply is still down 30% compared with April 2007. This, and the more active spring market, are buoying up seller confidence, Rightmove said.

The South West, where supply is down 5.5% on last year, is seeing a record-breaking average asking price of £270,735, while the South East and East Anglia are just £810 and £2,489 off their previous peaks.

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In London the average asking price, at nearly half a million pounds, is at a historical high, as sellers in the capital drag their heels in bringing fresh property to the market.

Miles Shipside, director of Rightmove, said: "Asking price records are being set in the fresh-stock-starved London and South West regions, and agents report this is also the case in markets in other regions.

"Doing research in your area is essential to gauge what type of property is in demand, how quickly it is selling and how close to the asking price is being achieved."

These promising results conceal the drop in asking prices in the ailing regions of Wales, the North West and Yorkshire and the Humberside over the last year, with falls of 1.5%, 1.2% and 0.2% respectively.

Mr Shipside said: "If only taken at face value, national averages can mask varying degrees of volatility at a regional level. 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."

Top 10 global property hotspots

1. India
 House price changes in last decade: 284%
2. Russia
 House price changes in last decade: 209%
3. South Africa
 House price changes in last decade: 161%
4. Lithuania
 House price changes in last decade: 143%
5. Hong Kong
 House price changes in last decade: 125%
6. Bulgaria
 House price changes in last decade: 106%
7. France
 House price changes in last decade: 82%
8. New Zealand
 House price changes in last decade: 79%
9. Australia
 House price changes in last decade: 76%
10. Norway
 House price changes in last decade: 72%
UK
 House price changes in last decade: 50%

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keshsor

Asking price? Could borrowers afford to buy it? The house price is £300,000 and lender lend you at max 75% you need £75k and for stamp duty and solicitor cost £15000. One would need £80,000 to £90,000 so i wonder what short of buyer would spare such cash.First time buyers age would be around 30 because once someone finish their degree and earning at around £40,000 so after tax he/she get in hand at around £25,000 after tax and travel.Cost of living £10,000 so £15000 saving per year and both have to be professional to save £25,000 oer year so five years of saving. How nice after degree both had to get job at the age of 30 can buy the house. Yes if this couple were very tight and decided to buy the house never to take holiday, never expected to loose job and expect to have job for life so yes very professional couple. Like Mr David Camron because after 4 years he would be advising like all the previous PM earning in access of £100,000 minimum per year. After seller drop the price at around £75,000 where his/her house was worth £300,000 4 years ago and now worth £225,000. The value in London in most town away from city had dropped at around 25% in last 4 years. Now this is the asking price AOL talking about.

April 16 2012 at 2:55 PM Report abuse Permalink rate up rate down Reply

lwa87

Your "expert" Ms Coles was predicting a downturn of between 30 - 50% on house prices early this year - this was crystal ball gazing - not actual journalism! The price you get is the price you are willing to accept.

April 16 2012 at 2:08 PM Report abuse Permalink rate up rate down Reply