By +Eric Jafari
Property prices broke records as they exceeded
previous highs across the UK.
Rightmove's latest House Price Index report has revealed
property prices are on the rise across the UK.
The survey reported the fifth consecutive monthly rise to bring
the national average property price to £249,841. This is more than
the previous high set in June 2012, suggesting house prices
continue to move in the right direction.
Indeed, figures show that prices are now 9.1 per cent (£20,852)
higher year-to-date which is the strongest price start for a year
Looking regionally, London, the South East and East Anglia have
all also had a record breaking month, with average house prices
exceeding previous all time highs.
For the first time property in London has
an average price over £500,000 following a 3.1 per cent monthly
rise. Buyers should now expect to pay double what they would
nationally for the typical property in London.
"The tumbling of records is being driven by the equity-rich
older generation and has a definite southern bias. However, despite
a new national record, it's not 'green-shoots of recovery' across
the board, especially for those without access to a significant
deposit," Miles Shipside, Rightmove director and housing market
"They must wait patiently until January when the Help to Buy
scheme extends to the resale market - unless new homes developers
can increase building dramatically in the coming months."
Although prices rose across the country on average, Yorkshire
and Humberside and the East Midlands are still showing negative
price growth year-on-year. But it is possible there is some
potential for that to turn around as both regions showed a 1.2 per
cent rise in average price compared to last month.
Rightmove also reported record traffic, up by 35 per cent
year-on-year in April 2013. It is likely that choosier buyers and a
dearth of choice in some areas caused consumers to click through a
record 1.25 billion pages last month.
"For those now in a position to buy, the recession appears to
have precipitated a change in buyer behaviour which has left them
more choosy and less likely to settle for second-best. Not only are
they looking for value and being mindful of paying over the odds,
prospective buyers are giving thought to ease of resale, a sign
that the pain of this financial crisis has left them much more
mindful of the future liquidity of their assets," Mr Shipside
21 May 2013
house price index,property in London