31st Mar, 2016
The asking prices of homes today are now more than 50% higher than they were a decade ago.
The imbalance between supply and demand, whereby there is a shortage of housing to meet the needs of people in England and Wales, has resulted in six new record highs over the past twelve months in the price of property coming to market. March sees a significant milestone, as the average cost of housing has risen beyond £300,000 for the first time. In 2006, the average asking price stood at £200,980.
Meanwhile, more homes are coming onto the market. Rightmove director and market analyst Miles Shipside said that an average of 30,000 properties had come up for sale each week over the past month, a 3% increase on the same period in 2015. There has been a 1.3% jump in the price of property coming to market, the second-highest at this time of year since the credit crunch of 2008.
“Three out of the top four risers this month are northern regions, with the West Midlands, the North West, and Yorkshire and the Humber being tucked in the slip-stream of the South West and ahead of all the other southern regions. London is a shadow of the former price-rise power-house that has driven up national averages over the last five years, and is now a myriad of different local markets with some boroughs dramatically up or down, but overall cancelling each other out.”
If you are considering getting back onto the property ladder, it pays to be aware of average property prices in your local area. In Yorkshire and the Humber, there has been a 3.2% rise in the average prices since March last year, rising from £168,482 to £173,947, a 1.9% increase since last month.
Article source: www.theweek.co.uk
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