House prices rose in March

House prices rose by a record amount in March, according to figures from a property price index released today.

According to the Rightmove index, the average house saw its value increase by £8,000 last month.

The estate agent has also calculated the price of the average family home in Britain to be £236,490.

In comparison, the average price of a family home last year was over £30,000 less.

The figures may go some way to explaining a recent announcement from the Royal Institute of Chartered Surveyors that its members were receiving fewer instructions from new buyers.

However, despite the lack of newcomers to the house buyer market, prices have remained buoyant.

By all accounts, demand is outstripping supply and the Metro claims some estate agents are chasing any clients who may have property to sell.

The decline in fist time buyer enquiries may be an after effect of the January interest rate rise, which saw the base rate increased to 5.25 per cent.

© Adfero Ltd

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