Asking prices up for fifth month in a row says Rightmove

Asking prices of homes coming to the market have now been rising for five consecutive months says Rightmove. 

Asking prices rose 2.0 per cent, equivalent to £3,626, to reach a national average of £317,281 according to the portal. 

It says pre-election periods typically cause a pause in activity, but this price growth and strong year-to-date numbers of sales agreed indicate that many are undeterred. The strongest sector for price growth appears to be typical family homes.

The number of sales agreed by estate agents remains robust, being 2,0 per cent higher in the year to date than the same period in the previous election year of 2015 - although they are in turn some 2.0 per cent down on the same period last year, when the rush of buy to let investors ahead of the stamp duty surcharge distorted the pattern.

“It remains to be seen how much momentum may drop away in the second half of the year with stretched affordability a problem for potential buyers” warns Miles Shipside, Rightmove director and housing market analyst.

Rightmove research shows that home-owners with children under 11 years old are twice as likely as the average person to be moving home. 

Their typical target property types are three bedroom homes and four bedrooms excluding detached property. The price of property coming to market in this sector has seen the biggest increase over the last twelve months, up by an average of 5.4 per cent to £270,953.

“What seems to be happening is that moving pressures are understandably taking priority over electioneering and Brexit worries. For many in this group, it seems that moving is definitely on their manifesto” adds Shipside.