Price of property coming to market reaches record high

Jessica Nangle

May 22, 2017

The price of property coming to market rose by 1.2% to a record £317,281, the Rightmove House Price Index revealed.

The run-up to the election and Brexit negotiations are not showing to have an impact on the housing market momentum. With year-to-date sales agreed 2% higher than the previous election year of 2015.

Miles Shipside, Rightmove director and housing market analyst, said: “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.

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“Demand is exceeding supply in many parts of the country and continues to push up the prices of newly-marketed homes.”

Nick Leeming, chairman at Jackson-Stops & Staff’s, comments: “Any uncertainty generated by the snap-general election has failed to deter most buyers and sellers from entering the housing market.

“Our branches in the home counties across Surrey and Kent are seeing particularly strong interest from second-steppers.

“These are typically young families who bought their first home in London around four to five years ago, some will have taken advantage of the help-to-buy incentive, and nearly all would have benefited from a significant equity increase in their home.”

The biggest monthly increases in average property prices were seen in the South East and Greater London, whilst Yorkshire and Humberside saw the smallest change at 0.1%.

David Westgate, chief executive of Andrews Property Group, added: “This month’s fifth consecutive rise in asking prices seen by Rightmove’s House Price Index is not surprising news, especially if you are currently house hunting.

“However, we are, along with other agents starting to see a slight cooling in some areas and readjustment in the market place.”

Jeremy Duncombe, director at Legal & General Mortgage Club, said: “A fairer and more equal Britain has been a key manifesto promise from every political party.

“Our housing market needs to be able to accommodate everyone and this will only be achievable if we tackle the root of the problem – supply.

“Unsustainable house price rises will only be tempered by building more homes across a variety of tenures, over the whole of the UK.”

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