Property asking prices spike 3pc

Posted by Richard Catlin in Neighbourhood on 16 June 2015 - Richard is Marketing Director at checkmyfile.

It seems that this summer might be a good time to sell a house.

Rightmove has reported that the average asking price jumped 3% in the four weeks to the 6 June, buoyed by the surprise general election result.

Statistics show that it is quite normal for property markets to be suppressed in the run-up to an election, with people understandably cautious about making such a big financial commitment at a time when the financial outlook for the next 5 years is yet to be decided.

Regardless of the popularity of the result, the resulting economic stability has seen record numbers of people accelerate their house hunting. Rightmove reported a record May, with some 115m visits.

The average asking price in England and Wales now stands at £294,351.

In contrast, the number of properties being put up for sale is down month-on-month – meaning that there is less competition for sellers, and prices can be pushed that little bit higher.

Asking prices of course, are one thing. Whether that translates into more house sales, and whether asking prices are actually achieved remains to be seen. We should start to see that data trickle through in the next couple of months as the first batch of sales since the election move towards completion.

Mortgage rates at record-low levels will also have helped with demand, as borrowers look to look in at under 1% in some cases.

Overall, these stats do feel a bit like a thinly veiled PR exercise for Rightmove and their website, and first-time buyers are unlikely to think it a good thing that asking prices are going up, but as more properties come on to the market in the coming weeks, then the spike in asking prices is almost certain to level out.

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