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Asking Prices on the up

March 29th 2017
By: Melanie
Asking Prices on the up

A recent report from Rightmove suggests that asking prices have still been creeping up. The average asking price in March was £310,108, marking a 1.3% or £3,877 month-on-month increase, this figure is just £363 below a record high of £310,471, that was recorded in June last year.

The report also says that these more recent increased reflect the scarcity of suitable homes for sale.  It is an indication say Rightmove of the “continuing resilience of the market” with strong demand from purchasers, but only for properties that have been priced accurately.

“Since the start of the decade, the average March price rise has been 0.9%, so this month’s 1.3% uplift is an indicator of a shortage of suitable property for sale in many parts of the country, with strong demand for the right property at the right price.” Says Miles Shipside, director and housing market analyst. “Since 2007 we’ve only once seen a larger rise than this in March, and we are also keeping pace with last year’s rise, which had the added momentum of investors looking to beat the Stamp Duty tax deadline of April 1.” He said. But on a year-on-year basis, asking prices are now increasing at a rather modest rate of 2.3%, down from annual growth of 7.6% a year ago.

When you are looking to purchase a property it is always sensible to look at the local average asking prices and consider how they might have changed recently.  One of the great things about average asking prices in Surrey is that they tend to remain fairly static especially for the more popular types of property available.

Source: https://www.propertyinvestortoday.co.uk/breaking-news/2017/3/shortage-of-suitable-property-for-sale-drives-up-asking-prices