Property asking prices jump to record high

New record high asking price of £308,151 for May states Rightmove


Property asking prices for May have reached a record high of £308,151 accoring to Rightmove. The largest increase is Croydon in London where asking prices have risen 18.6% and Dartford 18.5% in the last 12 months. The worst place is Llandudno in North Wales which has dropped 7.5 per cent to £145,703.

rightmoveaskpricemay2016

Miles Shipside, Rightmove director, said that a rush of buy-to-let investors snapping up properties before the April 1 stamp duty deadline had resulted in ‘a famine of suitable property and higher prices’.

He continued: ‘Estate agents have perhaps been focused on getting investor sales through to completion before the tax hike, and some may have been surprised by the continuing momentum and scarcity of stock to meet ongoing demand.

‘The net effect is eye-watering increases in asking prices in some towns, and is further stretching first-time buyers’ affordability even though they are competing against fewer buy-to-let investors in the market.’

East Midlands
High, Northampton, 8.1 per cent, £146,132; Low, Nottingham, 4.1 per cent, £117,013
East of England
High, Luton, 18.4 per cent, £186,900; Low, Peterborough, 5.4 per cent, £143,660
Greater London
High, Croydon, 18.6 per cent, £297,770; Low, West London, 3.3 per cent, £751,836
North East
High, Newcastle, 3.4 per cent, £109,495; Low, Darlington, minus 3.0 per cent, £92,639
North West
High, Manchester, 8.2 per cent, £124,888; Low, Preston, minus 1.3 per cent, £116,367
South East
High, Dartford, 18.5 per cent, £244,310; Low, Portsmouth, 7.1 per cent, £182,404
South West
High, Bristol, 13.0 per cent, £212,298; Low, Exeter, minus 0.8 per cent, £178,675
Wales
High, City of Newport, 3.3 per cent, £106,326; Low, Llandudno, minus 7.5 per cent, £145,703
West Midlands
High, Birmingham, 7.9 per cent, £136,429; Low, Hereford, minus 1.7 per cent, £158,250
Yorkshire and the Humber
High, Halifax, 8.7 per cent, £108,046; Low, Huddersfield, minus 0.2 per cent, £105,946

Written by: Houseladder