Prices up 4.7pc as seller numbers fall
In 2015 the number of new sellers fell by 4% from 2014, exacerbating the property shortgage.
In the South typical property prices have risen by nearly £85,000 (27.5%) since the last general election in May 2010.
Miles Shipside, Rightmove director and housing market analyst, said: “Failure to meet house-building targets since the eighties, nineties and noughties to match forecast housing demand has been a major factor in upwards price pressure both in the property sales and private rented sectors.
“Hesitation to sell and the use of property as a long-term investment are factors in this month’s new price record, and as we approach the election the highest ever cost of housing sets an interesting challenge for political leaders.”
March was the busiest ever month on Rightmove – as visits increased by 20% year-on-year to 115 million.
Jeremy Duncombe, director of Legal & General Mortgage Club and Housing, said: “On the whole it’s good news that house price growth is slowing, but prices are still rising far beyond the level of inflation which is pricing many people out of the market.
“In order to make homeownership an achievable goal, we must build an extra 250,000 houses per year to stabilise supply and demand.”