Monday, 16 June 2014

Largest ever May rise as new sellers ask nearly 10k more

Largest ever May rise as new sellers ask nearly 10k more



Average property asking price:
May 2014
April 2014
£272,003
£262,594

% change in month:
May 2014
April 2014
+3.6%
+2.6%

% change in past year:
May 2014
April 2014
+8.9%
+7.3%

Monthly index (Jan 2002 = 100)
May 2014
April 2014
221.3
213.7
  •  New sellers’ asking prices up by an average of 3.6% (+£9,409) in May, the largest ever rise recorded at this time of year and another new all-time high
  • The price of property coming to market is now 8.9% higher than a year ago:
    •  Highest annual rate for over six years, since October 2007 (+10.4%)
    • London up by ‘frothy’ 16.3% and while the capital’s momentum is spreading, the rest of the country is only up by a more modest average of 4.9%, failing to fit the ‘bubble’ narrative.
  • The average asking price in London is up by nearly £80,000 so far in 2014 – or £4,500 a week – yet the national average excluding London is £1,500 a week highlighting the disparity between London and the rest of the country
  • Mortgage Market Review can help temper the wider market, though London needs major housing supply boost to prevent excessive rises with ten out of 32 boroughs having annual rises of over 20%
source: The Rightmove House Price Index (May 2014 edition)

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