Asking Prices Reach New High

Property prices reach new high
  • National Average reached new high of £305,732
  • On average sellers achieving 96.7% of their final asking price

The average UK asking price has reached a new record high of £305,732 in April, according to Rightmove. This represents a 0.4 per cent increase on March and exceeds the previous highest asking price of £304,943 in July 2017.

However, it is not all good news for sellers, as the difference between the asking price and the actual selling price has on average increased from 2.9 per cent to 3.3 per cent over the last two years. This figure varies between the different regions in the UK, with Scotland only seeing a 0.6 per cent difference compared with London which has seen a 4.4 per cent difference between the asking price and sold price.

Difference between asking price and sold price

Miles Shipside, Rightmove director and housing market analyst comments: “Home buyers are seeing average asking prices at their highest ever level with upwards price pressure getting stronger the further away you move from London. However, higher prices stretch buyers’ willingness to pay or ability to afford them.

North West Strongest Annual Increase

According to Righmove, The North West has the strongest annual rate of price increase (+4.3%) and is one of six out of eleven regions that have hit new records. The others are the East Midlands (+4.2%), Yorkshire & the Humber (+2.7%), South West (+2.6%), Wales (+2.4%), and the East of England (+1.2%).