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Asking prices reach record high in four out of 11 regions

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The price of newly marketed property ticked up in May, but there are fewer sellers than a year ago
Asking prices reach record high in four out of 11 regions

Average asking prices jumped by 0.9% (+£2,841) in May, according to Rightmove, taking the average asking price to £308,290.

The property portal said the market was buoyed by the ‘higher buyer demand associated with the more active spring market’.

In fact, it noted that four out of 11 regions set new record highs for average asking prices – Wales, the North West, and the West and East Midlands.

Miles Shipside, Rightmove director said: “Price increases are the norm at this time of year, with only one fall in the last 10 years, as new-to-the-market sellers’ price aspirations are under-pinned by the higher buyer demand that is a feature of the spring market.

“What will seem inconsistent to some, given the ongoing uncertainty of the Brexit outcome, is that four out of 11 regions have hit record highs for new seller asking prices.”

Shipside continued: “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.

Dafydd Spear, sales manager at Belvoir Swansea, added: “It’s great that Wales has broken that £200,000 barrier and I think it’s because there’s not so much Brexit doom and gloom here. In terms of what’s happening in Swansea, we’re seeing lots of investment in the city centre which is really driving things and boosting the whole area, and of course we’re all still waiting to see whether the Tidal Lagoon eventually gets the green light. But we’re a very buoyant market.”

Sellers down

The average number of new sellers so far in 2019 is 0.3% down on last year in the four record-breaking regions above, but the remaining seven regions are seeing new listing numbers for the year to date down by an average of 6.5% compared with the same period in 2018.

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