16 April 2012

Find a property
The average asking price for a property in Britain has reached a record high.

Figures taken from the Right Move House Price Index (HPI) have indicated that average asking price has risen by 0.5% to £243,737 from the last high in May 2008.

For areas outside the capital, the amount of properties for sale has risen 8.1% but supply is still 30% less than in April 2007. In the South West, property stock is down 5.5% from last year yet holds a record breaking average for asking prices at £270,735.

London has hit a record average asking price of almost £500,000.

Rightmove has accredited the increases throughout the country to reduced property stock and a more active spring market.

Miles Shipside commented that: “Asking price records are being set in the fresh-stock-starved London and South West regions, and agents report this is also the case in markets in other regions.

“Doing research in your area is essential to gauge what type of property is in demand, how quickly it is selling and how close to the asking price is being achieved.”

 “The richest seams of housing market activity are concentrated around those with access to cash and finance, with a strong bias to the South and London in particular.”

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