June 2012 saw the highest ever asking price of £246,235, and this month’s average asking price is just £1,529 shy at £244,706.
Furthermore, the average price of a property coming to market is up by 6.9% (+£15,717) so far this year. All regions have seen prices rise month-on-month except London, though this should be put into the context of prices in the capital outpacing the rest of the country over the last 12 months
Miles Shipside, director and housing market analyst at Rightmove comments:
“Transaction volumes may be historically low but, paradoxically, new seller asking prices are within a grand and a half of a new record high. With mass-market buyers still sitting on the sidelines, the size of the active market is a lot smaller, making it easier for an upswing in activity to feed through to an upturn in prices. With London prices pausing for breath this month but likely to bounce back next, May looks like an odds-on bet to deliver a new asking price record. This should not be confused with an overall market recovery, as while
spring may be here the ongoing chill of the recession is still in the air. However, it is true to say that more estate agents are reporting more activity in more segments of the market.”
Ben Thompson, MD Legal & General Mortgage Club reacts to today’s Rightmove data:
"The expectation is that prices will continue to rise after recent stimulus measures and tentative market optimism takes root. However, as demand increases so too does the need to increase the amount of housing stock particularly in certain areas of the country. The Government has made a start at tackling this issue but more does need to be done so that this demand can broadly be met and a healthy marketplace can evolve."
