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21st April 2015

Average property price hits record high in March across England and Greater London

Asking prices for homes in England and Wales hit an all-time high in March with the average property price now over £286,000.

The property website Rightmove said prices rose by 1.6 percent last month – up 1.0 percent in the month to early March. However the annual pace of price growth slowed to 4.7 percent.

The increase – which takes the average asking price to a new record of £286,133, surpassing the previous high set in June last year – was mainly put down to a shortage of properties on the market.
London led the rise, with the capital seeing an astonishing increase of £195,420 since the last election in 2010. The average asking price in Greater London is now £594,585, compared with and £146,361 in the north east of England.

The number of new properties on the market fell 4 percent last month compared to the same period last year – contrasting with five fold rise in demand.

“Hesitation to sell, and the use of property as a long-term investment are factors in this month’s new price record,” said Rightmove director Miles Shipside.

“As we approach the election, the highest-ever cost of housing sets an interesting challenge for political leaders.”

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