Average property price rises to an ‘all-time high’

Average property price rises to an ‘all-time high’

The average asking price for a property in England and Wales has risen to £286,133 in April, courtesy of huge swell in prospective buyers in a market with not enough properties to meet demand. This is an all-time high.

This is according to new analysis by Rightmove, which found that new sellers’ asking prices have gone up by £4,381 month-by-month in April, which is an increase of 1.6 per cent.

Demand in general is up, the property portal noted, adding that in March it experienced the busiest ever month in its 15-year history.

“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,” commented Miles Shipside, director of 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.”

The expert added that the rising cost of property is not ideal for many people, especially those who have either historically struggled to get onto the property ladder or those who previously thought now would be an opportune and affordable time to get a mortgage.

Mr Shipside continued: With low wage inflation, the increasing cost of housing is another burden for many. The problem is especially acute in the south, particularly those areas influenced by the high demand for housing reach within the capital.”

Needless to say, property has become a key agenda item for all of the major political parties looking to form the next government. It remains, after all, a life goal for most people in the country.