You are here: Home - Mortgages - Buy To Let - News -

UK property asking prices hit record levels

Written by:
The national average asking price for homes topped May 2008 levels in April 2012, figures have shown.

The average asking price this April in England and Wales has been £243,737, a higher figure than in the months before the 2008 crash.

The news came four days after a study indicated that the mortgage market was at its strongest since 2008.

However, the figure masked huge variations between asking prices in London and the South West and those of other regions.

When recalculated for inflation, the figure in national asking prices was in fact 9.9% less in real terms.

In London, the average asking price was 14.9% higher than May 2008 levels and 2.1% higher than last month at £464,944. Kensington and Chelsea had the highest asking price at £2,097,797 and Bexley the lowest at £225,293.

The greatest change was in Brent, where the asking price has risen by 20% over the past year.

Miles Shipside, the director of Rightmove, the property website that carried out the research, suggested confidence and an access to cash had helped to boost house prices in the capital.

He also noted the reduction in sellers coming to market: “It is unusual for a shortage of fresh stock to coincide with the traditionally more active spring market. The net effect of this is another new asking price record for the capital.”

The study also added to evidence of a regional divide in the property market. The average asking price in the North at £151,891, was a third of that in London.

The greatest drop in the past four years has been in Wales, where asking prices were 12.3% lower than their May 2008 levels.

David Hollingworth of London and Country mortgages said that he was not surprised to hear about the disparity. “I think it is widely accepted that London does not run in line with the rest of the country. It is almost a market within its own right.”

Tag Box




Financial fitness

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:
Mortgage fees up 27% since 2009

The average mortgage fee has risen by 27% in the last three years, research has shown.