‘Annual Growth in House Asking Prices Highest Since 2007’ – Right Move

House asking prices have grown at an annual growth of 4%, the highest growth seen since 2007, Right Move have confirmed in their latest House Price Index.

‘Annual Growth in House Asking Prices Highest Since 2007’ – Right Move

House asking prices have grown at an annual growth of 4%, the highest growth seen since 2007, Right Move have confirmed in their latest House Price Index.

The report details that house asking prices throughout the UK average at £246,237, while also stating that the average asking price in London is £517,276, up 6.9% year-on-year from November 2012.

The Help-to-Buy scheme is said to have spurred this price rise on by granting first-time-buyers greater access to the housing market, which has resulted in them buying up stock. This has saturated the market, as confirmed by estate agents in the report, with average stock-per-branch dropping to 67 properties from 71 this time last year, thereby increasing asking prices.

The scheme has also positively benefited Right Move itself, whose traffic has jumped 30% from the same period last year, a measure of the ever-increasing activity in the housing market.

Another important fact highlighted, is that every region has seen year-on-year asking price increases, with the South West jumping nearly £8,000, the North West jumping more than £5,000 and Greater London jumping nearly £30,000, being some of those that saw the highest price-rises.

Days on the market for properties have also dropped year-on-year from 90 days last November to only 81 days now.

The index also declares that flats, which now have an average asking price of £214,011, and terraced houses, which have an average asking price of £205,971, were the property types which saw the highest year-on-year asking price increase, with flats jumping 6.1% and terraced house jumping 6.7%.

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