Asking prices soar to new records

Properties are selling at the fastest rate in 9 months, according to online property portal Rightmove.

The report also highlighted that asking prices have reached a record high, reaching £317,281 in May, up 1.2 per cent on a monthly basis and 3 per cent annually.

According to Rightmove it now takes an average of 60 days to find a buyer for a property, dropping between March and April from a 65 day average. This figure was last at 60 in July last year and had kept rising until it hit 79 days in January before slipping to 71 in February.

Average stock amongst agents has also increased slightly between March and April from 56 to 57.

Family homes have seen the biggest asking price jump, up 5.4 per cent annually in May to £270,952. While first-time buyers will be happy to hear properties they typically purchase are down 0.5 per cent to £193,242 and top of the ladder homes increased 2.3 per cent to £569,683 over the same period.

Research accompanying the Index showed that families with children aged under 11 were keeping the market moving, making up 31 per cent of property sellers.

Families with children no longer at home made up the second largest proportion, accounting for 22 per cent, followed by 11 per cent of families with children 11-18 or single people aged over 45 with no children at home.

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.

“Demand is exceeding supply in many parts of the country and continues to push up the prices of newly-marketed homes. Spring is in the air and home movers are springing up the housing ladder.”

Asking prices are still ahead of average values, with the latest Your Move House Price Index for England and Wales showing prices at £301,606 in March.

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