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Average property asking price in UK reaches record high, says report

The average asking price for homes in the UK has reached a record-breaking £317,281, a report has revealed.

The research, published by property listings website Rightmove, said prices had grown by 1.2 per cent in the four weeks to 13 May.

It represents a fifth monthly consecutive rise, following a 1.1 per cent rise the month previous.

Similarly, London saw a monthly rise of 2.1 per cent, with the average asking price increasing to £649,864.

It added that families were still looking to upsize despite Brexit and election uncertainties, with school catchment areas at the forefront of their search criteria.

Miles Shipside, a Rightmove director and housing market analyst, said: “As well as that shrinking house feeling, parents with young children also have the pressures of travelling times to amenities as well as the weekday school commute.

“These have to be balanced against under-pressure finances, even more so when the sector with the property type that suits them best is seeing the biggest price jump.

“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.”

Commenting on the figures, Brian Murphy, head of lending for the Mortgage Advice Bureau, said: “It would seem that this month’s report points to the majority of movers being nonplussed about the election, with their moving plans being driven by circumstantial factors that can’t wait, for example, a growing family.

“The data from Rightmove does tally with Mortgage Advice Bureau’s observations of the market in April with regards written business, which saw one of the busiest weeks on record at the latter end of the month, underpinning consumer confidence and that, despite the current economic and political climate, for many it’s a case of keeping calm and carrying on.”

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