House prices continue to soar

(Last Updated On: June 24, 2016)

According to a recent report by Rightmove, the average asking price of a house in England and Wales has risen by almost £20,000 this year, and experts are predicting a further rise of £17,000 in the year to come, putting the average house price up to £300,000 by the end of 2016.

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The average house price has gone from £269,477 to £289,452 in 2015. In London the asking price has soared to £616,548, increasing the average house price by £55,458 (9.9%) in comparison to the same period this time last year, while the South East and East England have seen the next strongest price growth over 2015 with an increase on average of 9.9%. The smallest annual rise was recorded in Wales with average asking prices rising by £981, reaching £163,453 in 2015. While average asking prices did fall slightly month-on-month in December this year, the dip of 1.1% was the smallest recorded since 2006.

Thanks to the unabated price rise in London and the South East, experts reckon it will encourage more young professionals to move to cities such as Manchester, Leeds, Edinburgh and Cardiff.

Miles Shipside – director of Rightmove said: “Despite the shortage of suitable stock in many parts of the market, demand for housing is on the up. Although the average price of property coming to market is already up by a hefty 7.4% compared to a year ago, Rightmove forecasts that prices will reach and breach new records next year.”

According to the report by Righmove estate agents have seen continuous surge in demand, such as Leeds, which currently has 3,500 properties for sale, which is 30 per cent down on what is considered the norm at this time of year.

It is advised that first-time sellers and financially-stretched landlords to sell their propert before Aprils buy-to-let stamp duty changes, while first-time buyers may want to wait until after that date for a better deal.

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Written by: The Team | On: December 16, 2015

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