Asking prices rise year on year across the UK

Asking prices rise year on year across the UK [Photo: Photobuay via iStock]

The price that people in the UK are seeking when selling their home has fallen over the course of the last month, but year-on-year data shows that over the past 12 months, there has been a marked rise once again in the asking prices in the UK.

Rightmove's latest report shows that in the past 12 months, the average price in the UK has climbed by 3.4 per cent, taking it to a little below £300,000 on average across the country. And although this is around two per cent lower than the asking prices for November, the annual rise shows just how well the market continues to perform. 

"Demand for mass market housing remains undimmed, though buyers’ budgets are restricted and agents report that over-priced property is being shunned. Cheap and available mortgage money is a big factor in driving demand, and continuing market buoyancy next year will depend on banks remaining willing and able to lend," said Miles Shipside, housing analyst from Rightmove. 

He said that over the course of the past year, the market has seen nine out of ten regions welcoming an increase in asking price, which shows that the property sector has reacted well to the political and economic uncertainty it has faced in that time. 

Looking forward, it appears that this is a situation that is likely to continue as well. Even though the UK is likely to face the challenge of the triggering of Article 50 next year, Rightmove still predicts that asking prices will rise in line with homeowner confidence. 

It said that in the year ahead, we are likely to see a climb of around two per cent, which will mean that asking prices have increased for seven years in a row, even though rises will be slowing somewhat.