Estate agents in UK recorded in April most sales agreed since before the credit crunch
House prices in England and Wales hit a record high in April, and agents recorded the most sales agreed since before the credit crunch, despite the forthcoming General Election.
The average national asking price has now reached £313,000, a 1.1 per cent increase on 2016 figures, but the average cost of buying a home in the capital is double, at £636,777.
Apart from Greater London, where prices dropped 1.5 per cent in April compared with the same period of the last year, and the North East, where house prices dropped 0.7 per cent, most regions recorded both monthly and annual price rises, according to Rightmove.
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“High buyer demand in most parts of the country has helped to propel the price of newly marketed property to record highs. There are signs of a strong spring market with the number of sales agreed achieved at this time of year being the highest since 2007”, said Miles Shipside, Rightmove director, cited by Homes and Property.
The East of England, home to popular London commuter areas like Cambridge and Essex, recorded the biggest annual price rise of 5.3 per cent, and the West Midlands, home to Birmingham, was close behind, with five per cent growth.
The rate of growth is being driven by first-time buyers, with property prices in this segment hitting a new record of £195,000, up 6.5 per cent compared to 2016.
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