Average asking prices on the rise across UK property

Average asking prices on the rise across UK property

There had been fears that the impending election would mean the price of property across the UK stalling in the first six months of the year, with the uncertainty surrounding the results likely to mean that many people would rather wait than buy. 

However, according to the latest figures, this has actually not proven to be the case yet, with the average asking price across the country currently on the rise for new properties that are coming to the market. 

Rightmove's new report shows that so far in March, the average new home coming to market for the first time is doing so at a price one per cent higher than in February, meaning the average asking price for new listings is up by more than £2,000 in the space of just one month. 

And although price rises are more muted than would be expected for a normal March, suggesting the election is having some sort of impact, even if it is minimal, the average asking price at the moment is only £30 lower than it was in June last year when the asking price hit a record high. 

When we consider that the summer months are when we expect to see prices at their peak for the year, this suggests that the market is in a far stronger place currently than might have been expected at the turn of the year. 

"The distraction and uncertainty of an election typically force sellers to price more keenly, though this is often short-lived. The MMR introduced in April 2014 laid out a much needed longer term framework for responsible lending, but within a year its dampening effects have been muted by high demand outstripping supply in many locations, and by buyers putting down larger deposits," said Miles Shipside, Rightmove director and housing market analyst.

In addition to asking prices being on the up, the latest report from Rightmove also showed that contrary to the belief that the election would mean fewer buyers around, the number of searches at the moment is at an all-time high. 

In February, the website recorded its busiest ever day, and said that it welcomed some eight million enquiries throughout the first two months of the year, which shows that the demand is still there from buyers, even at a time when uncertainty may be king in the UK property market.