The national average home price in the U.K. has increased by 2.5% from the same period last year, making it £304,504.
Increases are being seen throughout multiple regions in the U.K. as many are experiencing all-time highs in their average home prices this March. And it’s not helping that the amount of new houses on the market has decreased by 5.2% when compared to the same time last year. Higher prices and low inventory are making it harder and harder for people to afford to move in the U.K. no matter what price point you’re searching for.
- The average listing price of new homes on the market in Great Britain has risen by 1.5% in March 2018, making it the largest increase during this time of year since 2007.
- The increase in prices could mean the market is recovering after a slow start at the beginning of the year, or it could be a sign of growing price pressure.
- While many regions are hitting all-time highs for their average prices, London is the only region to experience a decrease in price from last year.
The average asking price for fresh-to-the-market homes in Great Britain has jumped 1.5% in March, the largest increase seen at this time of year since 2007, according to a report Monday by Rightmove.
The £4,503 (US$6,273) increase from February to March puts the national average price at £304,504 (US$424,241), a 2.5% rise from the same time last year.
Rightmove measured 112,693 properties that entered the market in the last four weeks, down by 5.2% on the same period a year ago, according to the report, adding that some of the drop will be a result of the recent heavy snow in much of the region.
The price increase could be the market catching up after a subdued January and beginning of February, “or an early sign of price pressure building up a real head of steam as we enter the spring market,” said Miles Shipside, Rightmove director and housing market analyst, in the report.
View the original article at Mansion Global