Average House Price Breaches £300,000


February 2018

Average House Price Breaches £300,000

According to property portal Rightmove the average price of newly marketed houses in the UK has jumped more than £2,400 in one month.

The average figure once again exceeds £300,000, with the increase coinciding with a period of “record” house-hunting activity.

All areas across the UK saw an increase in asking prices from December with the exception of the South West which saw a minimal decrease of £131. Miles Shipside, director of Rightmove, said “January was its busiest month ever with home – hunters spending over 1.1 billion minutes on the site.”

He also commented on the prices increase going into February. “This month’s rise of 0.8% is well below the 1.6% monthly average at this time of year over the last 10 years, and it is wise for sellers to be cautious and not to over-price given stretched buyer affordability.”

Steve Seal, director of sales and distribution at Bluestone mortgages pointed to the consistent growth of house prices and increasing levels of first-time buyers as signs of a good time to climb the first rung of the property ladder.

“However, this doesn’t mean everyone is being treated equally when it comes to securing home ownership. Successful business owners, entrepreneurs and contractors who do not fit traditional credit scoring are being turned away by high-street lenders due to their complex sources of income,” he added.

Despite these figures, growth across the nation remains subdued, according to Rightmove. Figures from a separate Rightmove report indicate that no areas of the capital saw growth in residential property prices during the quarter. In the borough of Lambeth, asking prices declined by 1.4% in the last month and have decreased 7.3% since last year. That being said, the average price for a house in Lambeth is sitting at £635,376 so residents shouldn’t start worrying just yet.

The new figures also shine light on the huge disparity across the UK in the amount of time it takes to sell a property. The fastest turnaround times were in Scotland, with Livingstone and Falkirk houses changing hands in 17 and 20 days respectively. In England, Rugby and Nuneaton were leading the charge with properties taking 21 days to sell on average. These places are exceptions however, with the average amount of time across the nation sitting at 72 days, up from 67 days in December. Properties in London took the longest to shift, at 83 days on average.