This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Asking Price Records Tumble: National Nears £250k, London Passes £500k

LONDON, May 19, 2013 /PRNewswire/ --

This month's 2.1% (+£5,135) rise has left the national average just shy of a quarter of a million pounds at £249,841, surpassing the previous record by £3,606, according to Rightmove's House Price Index. London, the South East and East Anglia have also hit all-time highs, with buyers in the capital facing average asking prices in excess of £500,000 for the first time.

Miles Shipside, Rightmove director, comments: "Despite a new national record, it's not 'green-shoots of recovery' across the board, especially for the deposit-strapped mass-market. They must wait patiently until January when the Help to Buy scheme extends to the resale market."

This is the fifth consecutive monthly rise, with all regions in positive territory this month. However, Yorkshire & Humberside and the East Midlands are still in negative territory year-on-year. With London sprinting past the £500,000 milestone for the first time, a typical home in the capital is more than twice as expensive as the national average.

Shipside cautions: "The recession has left buyers more choosy and less willing to settle for second-best. Not only are they looking for value and wary of paying over the odds, prospective buyers are also giving thought to ease of resale, a sign that the pain of this financial crisis has left them more mindful of the liquidity of their assets."

Pent-up demand is still being frustrated by the restricted supply of fresh property. Rightmove recorded 3% fewer properties coming to market when comparing the first five months of 2013 to those of 2012. This helped exert the upwards price pressure.

Taking the pulse of different players in the industry allows us to offer the following insights:

  • Record Rightmove search activity in April: Those searching and researching the market got through a record 1.25 billion pages last month - up more than 20% on last year. Nearly 400 million of those pages were viewed on smartphones or tablets, a clear sign that home-movers are fully embracing the benefits of being able to search anytime, anyplace, anywhere.
  • Busy surveyors mean more mortgage approvals on the way: Surveyors report that are 'flat out' carrying out mortgage valuations, indicating an 'off-radar pipeline' building up.
  • London   upwards price pressure continues: Feedback from London agents suggests that the market is 'brisk' and that 'multiple offers and sealed bids' are commonplace. A shortage of new supply coupled with more first-time buyers is keeping agents even busier than the hectic activity of last year.

Contact

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,162.99 +121.45 0.67%
S&P 500 2,123.48 +19.28 0.92%
NASDAQ 5,106.5930 +73.8420 1.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs