Family homes experience house price surge

Ryan Bembridge

May 22, 2017

Family homes are costing more due to heightened demand, Rightmove’s House Price Index has indicated.

Three and four bedroom homes excluding detached properties saw house price inflation of 5.4% to £270,953 in the year to April, while Rightmove said homeowners with kids under 11 are twice as likely to be moving.

Miles Shipside, Rightmove director and housing market analyst, said: “As well as that shrinking house feeling, parents with young children also have the pressures of travelling times to amenities as well as the weekday school commute.

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“These have to be balanced against under-pressure finances, even more so when the sector with the property type that suits them best is seeing the biggest price jump.

“What seems to be happening is that moving pressures are understandably taking priority over electioneering and Brexit worries. For many in this group, it seems that moving is definitely on their manifesto.”

Overall the price of property coming to market rose for the fifth consecutive month, by 1.2% to £317,281.

Shipside added: “Whilst all-time high asking prices or economic and political uncertainty could be deterrents to would-be home-buyers, this month shows another strong set of figures.

“Demand is exceeding supply in many parts of the country and continues to push up the prices of newly-marketed homes. Spring is in the air and homemovers are springing up the housing ladder.”

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