Property price rises at 13 year high
The price of property is showing no sign of slowing down, according to a new report conducted by Rightmove.
According to the online real estate portal, the value of properties coming onto the market during this month have risen by 0.9%, to take them to a new national high of £294,834.[1]
Record rise
An average property price rise of £2,550 is the biggest amount seen in September since 2002.
‘Prices are at an all-time high, yet borrowing is historically cheap and positive sentiment is aided by the ongoing postponement of rate rises from these six-year lows,’ noted Rightmove commercial director Miles Shipside. ‘Demand from those who can afford to buy remains high, and suitable supply remains tight, with the number of properties coming to market down 6% on the same period in 2014,’ he continued.[1]
Rightmove suggest that it is the average family-home market sectors that have seen the most growth during the month. In this section, all property types with three or more bedrooms went up by 1.2%. Contrastingly, first-time buyer type homes with two bedrooms or less dropped by 1.1%.[1]
Struggling
Shipside believes that, ‘some of those buying typical first-time buyer properties are now struggling to afford prices in this bracket that have on average gone up by nearly £10,000 in the last year, hence new sellers are asking for less.’[1]
Property price rises at 13 year high
However, those owning more expensive property assets are found to be benefiting most from the current market conditions. The top 15 most expensive counties have all seen price increases over the last month.
The average monthly increase is 1.8%, recorded in Surrey, Oxfordshire, Buckinghamshire and Berkshire. Bedfordshire saw the highest annual growth of 12.3%.[1]
[1] https://www.estateagenttoday.co.uk/breaking-news/2015/9/rightmove-says-biggest-september-asking-price-rise-for-13-years
