Average asking price for homes tops £300,000 for first time

The £299,287 figure in February jumped to £303,190, meaning that, over the past decade, average asking prices have increased by more than £100,000.david-sapsted-2016-mar-20-8824-average-asking-price-for-homes-tops-300000-for-first-time_8109_t12

Marked regional differences were apparent from the data, with London continuing to lead the way with an average of £644,045. Five other regions hit new record highs in March – 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.

In the East Midlands, the average of £189,819 was only £373 shy of an all-time high for the region. Rightmove said the rash of new highs indicated that upward momentum on prices was now spreading from London and SE England to other areas of the country.

Miles Shipside, Rightmove director, said, “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 three 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.