If you don’t ask, you don’t get – and it seems that house sellers are taking that to heart as asking prices for homes reach record highs. The average asking price is now £313,655 in England and Wales, which is an increase of 1.1% month on month and an annual rise of 2.2%.
The data comes from property website, Rightmove and it shows that the average asking price is now the highest it’s been since they started collecting information in 2002. The figure topples the previous average record of £310,471, which was set in the summer of 2016.
Whilst the news isn’t much consolation to anyone saving for a mortgage, ironically, it’s the first-time buyer market that’s pushing house prices up. The average asking price on a one or two-bedroom home, is now £194,881 which is a 6.5% increase on the year.
The demand for higher asking prices isn’t just hot air, Rightmove also said that the number of sales that had gone through were also up by 10% compared with last year and 3.8% from the year before. However, Rightmove stressed that the 10% figure is partly due to the introduction of increased stamp duty in 2016 for second homes which put off buyers – skewing the statistics slightly.
But like every story, there are two sides, and although sellers are demanding higher asking prices and sales are going through, not all regions are enjoying this boost. Surprisingly, in London, asking prices have actually declined by 1.5% on the year (although with an average price tag of £636,777 you’d still need extra deep pockets to buy a home). East Anglia and the West Midlands have enjoyed the highest levels of growth with asking prices increasing by 5.3% and 5% respectively.
Nevertheless, whatever your interest in the housing market, whether you’re looking for a first-time buyer mortgage, have a portfolio of properties, or need to remortgage, we’ve got advice and tips. So, head on over to our mortgage hub and let us help you find your home sweet home.