The latest index report has shown that asking prices in England and Wales have reached record highs.
An upward surge in the housing market is continuing to increase the price of property with the average property up 0.8 per cent, reaching a new high of £310,471. As well as prices, high demand is also affecting sale turnover time. It now takes an average of just 57 days to find a buyer, the fastest ever measured.
Regionally, the East Midlands was found to be a strong grower with a 0.6 per cent month-on-month rise and a 4.8 per cent yearly increase, taking the house price average to £198,090 in the area.
Of all the regions, surprisingly it is London that is slowing with a 0.2 per cent fall month on month; however, asking prices in the capital are 4.8 per cent higher than last year. The region which has seen the greatest increase is the South West with a 1.4 per cent month on month rise and a yearly increase of 5 per cent, seeing the average house now valued at £302,222.
“The length of time to sell is reaching new lows which is great news for sellers. This however doesn’t mean the sellers can be over ambitious with their asking prices,” comments Penny Barnwell-Thornton, residential sales manager. “If you set the price too high the property can become stale and begin to be ignored by suspicious buyers.”
Political uncertainty hasn’t slowed down house prices like it previously has done and despite usual reluctance to make financial decisions at times of uncertainty buyers are remaining active.
To have a member of our experienced chartered surveyor team evaluate your residential property’s asking price, call our Leicester office today on 0116 242 9933.