South East ‘lifts off’ with record high asking prices

Rightmove.co.uk sees new sellers asking a record £250,000 on average for property in the South East, as national the asking HPI increase yet again.

The Monthly increase in average asking prices is +1.2% higher than in May and +2.7% higher than the same time last year.

Key Facts:

  • Asking prices up by 1.2% (+£2,957) in June, breaking £250,000 for the first time
  • The biggest winner in 2013 is the ‘under-priced’ South East where prices have soared by 14.8% (+£42,548) since the start of the year
  • All region have recorded a strong half-year rise in new seller asking prices, as they start to ride the wave of London’s buoyancy
  • Evidence of a wider pick up reinforced as the north shows signs of keeping pace with the south – up 9.2% and 10.6% respectively over the first six months of 2013
  • Higher confidence, lower mortgage rates and inflation-eroded prices encourage more housing market activity

Miles Shipside, director and housing market analyst 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. The bad news for would be buyers is that it has helped propel the average price of a property coming to market through the quarter of a million quid milestone for the first time. It is worth remembering that while the asking price and the eventual sale price may differ by a small margin, the asking price is a very strong indicator of perceived market value and direction. It will take account of local supply and demand, as well as wider economic forces such as interest rates and consumer confidence.”

InfoGraphic

The Rightmove infographic provides a breakdown of how prices are performing across each region and property type.

Rightmove

[Source: Rightmove Property Portal]

Alec Hanson



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