Property prices hit record high boosted by increasing Northern demand
Average property prices have reached a record high following three months of strong consecutive growth.
According to the latest data released by Rightmove, average property prices rose 0.4% to £309,439 in June – up £1,364 compared to the month before.
The continued growth has been attributed in part to strong demand and extremely active buyer activity within Northern regions which has seen new housing stock snapped up with the number of available units down 4.3% compared to last year.
This includes Northern England, including Manchester, as well as Scotland, Wales and the Midlands.
In total, house prices are now 1.7% higher than at the same time in 2017 with Rightmove noting that asking price growth has remained stable with increases of between 1.1% and 2.1% so far this year.
Strong Spring Selling Season
Director of Rightmove, Miles Shipside, said that: “The national average new seller asking price continues to creep upwards, setting a new record for the third consecutive month.
“Sales agreed by estate agents overall in May have bounced back from a slower start to the year and while still slightly below May last year, they are ahead of 2016.”
Shipside continued: “This is a pleasingly strong flourish at the end the spring selling season given the political uncertainty and stretched buyer affordability.
“This demand, fuelled by prices that in comparison to the south are still relatively affordable, has meant the number of properties left available to buy has dwindled in the north and increased in the south.”
The Manchester property market has continued to grow ahead of the national average for the past five years. In fact, price growth in the city was topped by only two other cities last year with developers trying to keep pace with increasingly-growing demand for city-centre properties.