New Sellers Ask Over £250,000 for First Time as South East 'Lifts Off'
LONDON, June 17, 2013
LONDON, June 17, 2013 /PRNewswire/ --
The national average asking price of a property coming to market is over a
quarter of a million pounds for the first time. Rightmove's House Price Index
finds that the new record was achieved as prices rose 1.2% (+£2,957) in June,
the sixth consecutive monthly rise this year. Though London has set another
new record of £515,243, the biggest winner is the South East which sees a
record price of £329,968 as a result of a 14.8% increase over the first six
months of 2013.
There is also early evidence of a wider recovery as asking prices in the north
(North, North West, Yorks & Humber, East Midlands, West Midlands, and Wales)
rose by 9.2%, almost keeping pace with the 10.6% seen in the south (Greater
London, South East, South West and East Anglia) over the first half of the
year. These increases, along with reports from agents of a pick-up in
transactions, suggest a wider and more sustainable recovery.
Miles Shipside, director at Rightmove comments: " While this month sees
several new price records, it ' s the South East that has really started to
lift-off. On top of that, the first half of 2013 saw little sign of the
traditional north-south divide with the first-half asking price surge in the
north almost equal to that of the south. The good news is that this indicates
a wider upturn, albeit at historically low but increasing volumes. "
Belatedly, the trend set in the capital now appears to be spreading.
Unusually, London's 10.9% (+£50,845) jump year to date has been surpassed by
two northern regions; the North region at 11.0% (+£15,134) and the West
Midlands at 11.3% (+£19,665). The South East is, however, the main beneficiary
with the ripple effect contributing to a 14.8% (+£42,548) jump year to date.
Shipside observes: " The South East offers real comparative value for buyers
needing access to London but with housing needs or aspirations that leave
them priced out of London itself. While some northern regions outpaced
London this year, the price gap remains daunting for those looking to up
sticks and head to the bright but dazzlingly expensive lights of the capital.
The average price of a property in London is still more than three times
higher than in the north. "
Matthew James Matthew.James@Rightmove.co.uk +44(0)20-7087-0672
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