Average asking price for a house passes £300k
The asking price for a house in England and Wales has gone up, passing £300,000 for the first time ever, according to RightMove. Of course, estate agents wouldn't have anything to do with that, would they? Not while they're making those sad eyes at us about property prices!
Anyway, they said that the growth of property value growth has gone from London and spread to the North and West of the country. Now, the average asking price of homes for sale is up to £303,190 in March from £299,287 in February.
Across a number of regions, the average price has shot up this month. In London, it is £644,045, in the South West it is £292,251, the East it is £326,836, the South East £399,680, the West Midlands it is £204,140, and in the North West it stands at £177,437. In Wales, the asking price is £174,046.
RightMove's Miles Shipside says: "Stronger growth in average earnings would not have helped the situation, as it would simply have enabled buyers to bid prices up even higher, chasing the limited supply of suitable housing stock."
"While the start of 2016 has seen an encouraging but modest uptick in the number of properties coming to market, demand and momentum have combined to push prices over £300,000."
"On average, 30,000 properties have come to market each week over the past month, up by 3 per cent on this time last year, but there are insufficient numbers of newly listed properties in many parts of the country to meet demand. Visits to the Rightmove website are up by 14 per cent in early March compared to the same period in 2015, so it's no surprise that those buyers who can borrow more or can find some extra cash are keeping the price merry-go-round spinning."
Not great news, if you're trying to get on the property ladder, but that isn't at all surprising. Recent reports show that most renters have all but given up on the idea of ever owning a house.