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Monday, June 15, 2015

Rightmoves record asking prices

Rightmove's House Price Index for June 2015 has hit an all time high as a result of an ever worsening shortage of supply of property hitting the market.

The portals latest HPI of asking prices recorded a record rise, jumping 3.0% in June, equating to £8,460 on top of the average asking price, now at £294,351.

Six out of ten regions saw new highs.

The UK's largest property portal recorded

  • Busiest ever May - with site traffic of 115 million visits
  • Properties coming to market down 8.5% on same period a year ago

Miles Shipside, Rightmove director and housing market analyst comments:

“Some buyers had been holding back in the weeks before the election, leading to some sellers suffering an unseasonal price standstill in the late spring. In particular, sentiment and prices got hit in the mooted Mansion Tax price brackets. Now the unexpected election outcome has caused a strong rebound, prompting an upturn in buyer demand and helping new seller asking prices to hit their highest ever levels.

“Agents report that the election surprise has given a boost to market sentiment, driven by more certainty about future economic and taxation policies. While would-be buyers have been able to respond quickly to these events, many potential sellers have so far failed to come to market. This has pushed up some of the asking prices of those properties that have been marketed, meaning that buyers are faced with paying a new average record price high for the more limited choice available. It could be said that this is the price of political certainty.”

“It all seems set up for an active second-half housing market in 2015 barring any external shocks to the economy. However, it remains to be seen whether stretched buyer affordability can reach sellers’ post-poll pricing. The new government and other stakeholders now need to urgently deliver more new-build homes, to stop asking prices being pushed up further as demand continues to outstrip supply of suitable homes in many areas.”

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