House prices hit record high

Property values in the UK have soared to unprecedented levels, according to the latest research from Rightmove, with house prices now being pushed past the pre-recession peak recorded in 2008.

Rightmove’s House Price Index revealed that the last four weeks alone have seen house prices climb by £142 a day, sending the average house price in England and Wales soaring by a figure of £3,969.

This increase brought the average asking price for a property in the months leading to mid-March to £239,710, compared to a figure £239,655 for the same period in 2008.

The Midlands was the only region to see a fall in property prices month-on-month, while Greater London continued to be the key driver for property price growth, with an increase of 9% sending the average cost of a home in the capital to £496,298.

Miles Shipside, a Rightmove director, said: “With new sellers asking for more than ever before as we enter the traditionally busy spring market, and an expectation among home-movers of price stability or growth, there is now a bedrock upon which confidence and momentum appear to be building.”

Figures from Halifax also showed that property prices shot up by 1.9% in the three months to January. Martin Ellis, Halifax’s housing economist, said the rise was the “strongest” for some time, and tied in with the growing confidence in the property market displayed by homeowners and buyers alike.

He added: “The momentum from the end of 2012 has continued, so things are looking better.”

The greater availability of loans and the falling cost of mortgages as a result of the government’s £80 billion Funding for Lending Scheme, have led homeowners to have a renewed confidence that properties will be able to retain their value, according to Rightmove’s research.

Further figures from the report reveal that the time taken to sell a home has fallen to 80 days, a drop of 10 days year-on-year.

Almost two-thirds of homeowners (60%) also felt that property prices will be “more or less the same” in 12 months’ time, despite the recent surge in house prices.

Posted by: WarrenWilson Categories: House Prices Tags: , , 6 Comments

6 Responses to House prices hit record high

  1. avatar LR Futter says:

    This article has got to be total rubbish,other than London no doubt.

  2. avatar Rob Slack says:

    Nationwide shows prices 13% of peak (index now 324. Peak 371 Oct 2007)

    Lowest 295, Feb 2009.

    (100 Nov 1992)

  3. avatar Jeremy Mullis says:

    I feel the headline “Asking Prices up” would be the fair way to report this data to stop giving false hope to the many folk sitting on negitive equity. Sale prices are most certainly not up.

  4. avatar Chris says:

    More made up dangerous waffle.

  5. avatar ann says:

    What a load of crap. A conspiracy to get us all to panic buy if you ask me.

  6. avatar Michael Bates says:

    This article presents gross exaggeration. Yes, prices have increased in London. This is largely due to Russian and Chinese investment. They are certainly not going up in Sunderland or Manchester! Loans are cheaper, but deposits are up to 35% on some new builds. How many people can afford this? New government loans don’t kick in until January 2014! It is still rare for a seller outside of London not to accept an offer!