UK House Prices Hit Record Average High

Property asking prices have hit an all-time high of £313,655 after rising 1.1 per cent each month since the EU referendum.

Property website Rightmove found average asking prices have increased by £3,547 from March, surpassing the previous peak of £310,471 in June 2016.

More houses are being sold than before the financial crisis, making the market more competitive and fast paced than ever.

First time buyers have been particularly active, inflating asking prices in this sector by 6.5 per cent. The typical price tag on a first-time property now stands at a record high of £194,881.

Surprisingly, London and the North East of England are bucking the trend, with prices slipping by 1.5 per cent in the capital to £63 and 0.7% in the North East.

Miles Shipside, director of Rightmove said: “Strong buyer activity this month has led to 10 per cent higher numbers of sales agreed than in the same period in 2016.

“This large year-on-year disparity should be viewed cautiously as the comparable timespan in 2016 saw a drop in buy-to-let activity with the additional second home stamp duty.

“With growth in household numbers and new-build supply struggling to keep page, demand is strong and has led to the highest sales agreed numbers at this time of year since the heady pre-credit crunch levels.”

The impending general election could bring with it market uncertainty. Although the leading parties are yet to release their manifestos, it’s thought that property prices could be high on the agenda.

Both Labour and the Conservatives have pledged to build at least one million new homes while also making the rental market more secure and affordable.