Average UK property snapped up in 56 days
Data from the latest Rightmove Index has indicated widespread price growth across the country with ten of the eleven categorised regions registering increases in the last month.
Average asking prices increased most on a month-to-month basis in Wales, followed by the South West and West Midlands.
London also recorded rises, lead by boroughs including Sutton and Kensington & Chelsea, whilst Yorkshire and The Humber, which has seen market-leading growth over the last few years, registering flat growth.
- Wales – +2.1%
- South West – +1.9%
- West Midlands – +1.8%
- North East – +1.5%
- Greater London – +1.2%
- Scotland – +1.1%
- East Midlands – +0.8%
- East of England – +0.8%
- North West – +0.7%
- South East – +0.6%
- Yorkshire & The Number – +0.0%
Overall, prices of new-to-market properties are up 0.9% on average this month, or £2,841, with would-be buyers in Wales, the North West and the Midlands seeing property prices at record highs.
Record asking prices observed in four regions
On an annual basis, however, the outlook is a little more mixed. High growth markets such as the North West, Wales and North East continued to see annual rises, whilst London and the South East continue to see price contraction.
On the data, Rightmove director Miles Shipside commented that: “Price increases are the norm at this time of year, with only one fall in the last ten years, as new-to-the-market sellers’ price aspirations are underpinned by the higher buyer demand that is a feature of the spring market.
“Indeed the 0.9% monthly rise is consistent with the previous two years’ average rise of 1.0% over the same period. What will seem inconsistent to some, given the ongoing uncertainty of the Brexit outcome, is that four out of eleven regions have hit record highs for new seller asking prices.”
“Buyers looking in Wales are faced with newly-marketed property prices that are 4.1% higher than 12 months ago, with the West Midlands at 3.0%, the East Midlands at 2.5%, and the North West at 2.1%.
“These increases are the result of a combination of strong demand, buyers’ affordability headroom, and a continuing shortage of suitable properties. Agents in these areas say that Brexit concerns are not really on the agenda of home-movers; they are more concerned with satisfying their housing needs.”
The largest increases have been recorded at the top-end of the market where average prices sit 2.6% higher than in April at a little over £553,000. Price growth for first-time buyers remains stable, a boost for affordability with this increasingly active buyer group, at 0.1% to £191,067.
Annually, the middle market has seen the greatest rises with second-steppers seeing prices that are 0.9% higher than May 2018 at £277,229.