You are here: Home - Mortgages - First Time Buyer - News -

Asking prices hit new record high

0
Written by: Christina Hoghton
23/05/2017
Average property asking prices have risen for five months in a row, hitting a new record average price of £317,281.

Asking prices rose by 1.2% in April and typical family homes saw the biggest price rise, recording a 5.4% year-on-year jump to £270,953, according to Rightmove.

The property portal site’s research showed that homeowners with children under 11 years old are twice as likely as the average person to be moving home. Their typical target property types are three bedroom homes and four bedrooms excluding detached property.

Miles Shipside of Rightmove, said: “As well as that shrinking house feeling, parents with young children also have the pressures of travelling times to amenities as well as the weekday school commute. These have to be balanced against under-pressure finances, even more so when the sector with the property type that suits them best is seeing the biggest price jump.

“What seems to be happening is that moving pressures are understandably taking priority over electioneering and Brexit worries. For many in this group, it seems that moving is definitely on their manifesto.”

Sales steady

Rightmove said that the number of sales agreed by estate agents remains robust, being 2% higher in the year to date than the same period in the previous election year of 2015.

However, they are down 2% on the same period last year, though 2016’s sales agreed numbers in the first quarter were boosted by the buy-to-let rush as investors sought to beat the April 1st deadline of additional stamp duty.

Shipside said: “We normally see a high proportion of market activity in the first half of the year, and in spite of potentially disruptive events the established pattern is continuing. It remains to be seen how much momentum may drop away in the second half of the year with stretched affordability a problem for potential buyers, though competition among lenders who are keen to lend will help some to push their budgets higher.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2296700-tesco669
Tesco Bank launches sub 1% tracker mortgage

Tesco Bank has become the latest lender to cut mortgage rates, offering the lowest variable tracker rate ever recorded by...

Close