Rightmove.co.uk has just released its House Price Index (HPI) for June, covering Asking Prices of residential property from 13th May to 9th June.

  • It reports an increase in asking prices by 1.0% over the Month and +2.4% over the past year. This places the average asking price at £246,235.
  • 3rd consectuive national high asking price – although deemed supported by the more robust souther regions.
  • Asking prices aspirations fail to keep pace with retail price inflation
  • London is the only inflation proof market – average 3% abover RPS since August 2007
  • Surge of Sellers coming to the market prior to the Jubilee break – which indicates higher asking prices are unlikely in the summer months due to the extra supply

Miles Shipside, director at Rightmove comments:

“While the national average price of property coming to market has set new records in each of the last three months, sellers should not break out the bunting in celebration until
they have done their homework. It remains a very local market ruled by property style and location, and a few minutes study will reveal whether your property is hot or not.”

Records have been set in two out of the four southern regions – London and South East – breaking the trend of the rest of the UK.

Shipside comments:

“These strong rises in the south of the country have helped to push the national average
asking price into new record territory. In these uncertain economic times, lenders feel safer to lend to those with a cash-cushion, and those sitting on that cash often feel more comfortable with it invested in tangible assets, including bricks and mortar. The better properties in the better areas remain in short supply, giving sellers of sought-after stock, and their agents, the confidence to come to market at a higher price.”