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Average asking prices hit record high

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
27/02/2024

The average price of property coming onto the market has hit a record high, according to Rightmove’s monthly house price report, which records average asking prices.

This month’s 1.1% (+£3,547) rise has pushed the national average to £313,655, said the property portal, exceeding the previous high of £310,471 set in June 2016.

The rise has been driven by strong buyer demand, with the highest number of sales agreed at this time of year since 2007, before the credit crunch.

Slower growth

But it also admitted that the overall annual pace of asking price increases continues to slow, and is now at 2.2%, the lowest level for four years.

Miles Shipside, Rightmove director, said: “High buyer demand in most parts of the country has helped to propel the price of newly marketed property to record highs. There are signs of a strong spring market with the number of sales agreed achieved at this time of year being the highest since 2007.

“It remains to be seen what effect the run-up to the snap election will have, though any slowdown in activity will be counterbalanced by the market’s current fast pace. Indeed, in locations where choice of suitable property is limited hesitation could mean losing out to others who still decide to act.”

Nick Leeming, chairman of Jackson-Stops & Staff, added: “Today’s figures demonstrate the blooming of a spring market which appears to be in good health as we see the highest number of sales agreed at this time of year since 2007. First-time buyers are once again underpinning the market, with demand for one and two bedroom homes pushing up annual asking prices by 6.5 per cent.
 
“The speed and efficiency of the market is also improving – it now takes 14 days less to sell a property than it did at the start of the year which shows that buyers, sellers, banks and solicitors are coming together to ensure the market continues to move. What a pity then that we may be risking this fantastic momentum with a snap General Election that could now result in buyers holding off making any snap decisions of their own until the results are known in June – the start of the traditionally quieter summer period.”