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Monday 20 April 2015

Aprils house prices hit an all time high of £286,000



Rightmove says the dearth of sellers and surge in buyers has led to record average prices across the UK and especially in London.

A lack of sellers and a huge surge in the number of people looking to buy a home has pushed the average asking price of homes coming on to the market in April up to an all-time high of just over £286,000, according to the country’s biggest property website.
 
The report from Rightmove further highlights Britain’s housing crisis and comes in the wake of a series of announcements by party leaders that have made property a key election theme. 

March was the property portal’s busiest ever month since its launch in 2000, with the number of people looking at homes up 20% year-on-year. However, at the same time the number of new sellers listing on the website was down 4% in the first three months of the year compared with 2014.

“Record high housing demand and an under-supply of homes have delivered a new all-time high in the price of property coming to market in the month before the election,” said Miles Shipside, a director at Rightmove.

“The high cost of housing is a big concern for many home-hunters, so the contents of the respective party manifestos and well thought-out sustainable solutions to the lack of affordable housing supply will be high on many voters’ agendas too.”

Shipside said that the increase in the average asking price in April, which is up 4.7% over the year, had been driven by potential sellers hesitating to put their homes on the market and an increase in the number of landlords buying properties as long-term investment vehicles. Longer-term price increases have been driven by a shortage of new-build homes.

“Failure to meet housebuilding targets since the eighties, nineties and noughties to match forecast housing demand has been a major factor in upwards price pressure both in the property sales and private rented sectors,” he said. Across the country, asking prices were up month-on-month in every region in April compared with March and were only down annually in Wales.

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