London leads the way in surging property asking prices

 
London leads the way in surging property asking prices

There are any number of ways to tell when the property market is doing well. From a swell in the number of buyers to simply a rise in sold prices, but one of the best indicators of how well the sector is performing comes in the form of the sentiment of those selling their homes. 

When the market is performing particularly well, sellers will feel a lot more confident about being able to achieve a great price for their property, and asking prices will start to climb. This is a reality we are currently seeing in the UK, with London leading the way as asking prices start to climb slowly. 

Across England and Wales as a whole, the latest data from Home.co.uk shows, the average asking price for a property climbed by 0.6 per cent in July. This meant that in the space of the last 12 months, the average price owners are looking for has increased by some 6.2 per cent. 

London leads the way in seller confidence at the moment, however, with the figures showing that in July, prices climbed by an impressive 1.5 per cent month on month. This left the annual asking price rise at 12.5 per cent, far ahead of what is seen across England and Wales as a whole. 

Home.co.uk said that this latest data shows just how strong the property market currently is. He said that even at a time when there exists a threat that mortgage prices and interest rates will be increasing, the market retains demand and positive sentiment. 

Doug Shephard, director of the firm, said that undersupply and a strong level of demand from buyers was helping to fuel the positivity among sellers at the moment, with the majority believing they can get a good price for their property.

"The supply crisis is becoming more acute, and July recorded the lowest number of properties entering the market for that month since the onset of the financial crisis. Lack of supply is felt most keenly in London and the East of England, where the volumes of properties entering the market are down 23 per cent and 16 per cent respectively," he said.

"These and other southern regions are clearly sellers' markets and prices are firmly on an upward trajectory. Marketing times in the South East continue to be the lowest in the country. Indeed, across the nation, marketing times are currently around the lowest we have witnessed since 2008."