March 21, 2016
Asking Prices Break £300k Mark
The average asking price of a home in England and Wales has broken the £300,000 barrier for the first time, with Rightmove saying the average asking price rose by 7.6% to a new high of £303,190 in the year to March. This means that prices have climbed 50% in a decade, exceeding the 22% increase in average wage growth over the same period. Rightmove says average prices hit new records across six regions in March - London at £644,045, the South-West at £292,251, the South-East at £399,680, the East of England at £326,836, the West Midlands at £204,140 and the North-West at £177,437. Meanwhile, asking prices in the East Midlands stand at £189,819 - a figure which is just £373 shy of an all-time high for the region. Miles Shipside, director of Rightmove, said: "There are insufficient numbers of newly listed properties in many parts of the country to meet demand." Rightmove also revealed that an average of 30,000 properties have come to market each week over the past month, up by 3% on this time last year, with visits to the Rightmove website up 14% on those seen in early March 2015.