The average asking price in Great Britain has increased every month this year, rising by almost £11,500 since January 2013 and 5.12 per cent when compared to the same time last year, according to the latest data from Move with Us.
Figures from the residential property experts have revealed five months of consecutive declines in the number of new property listings, which fell by 17.62 per cent compared to the same time last year. The reduction in the supply of new property listings has pushed up the average asking price as competition increases among buyers and new properties become a rare commodity. Higher demand generated by the Help to Buy scheme and returning confidence in the sales market means that asking prices are increasing across almost every region in Great Britain.
Although the market tends to react with lengthened selling times when prices rise, we have only seen small increases in the number of days that it takes to sell a house across the country. The national average is now 111 days, compared to 121 days at the same time in 2012.
The South East was the stand out region of this quarter, showing no signs of slowing down after a positive second quarter. The average asking price in the region has risen steadily for the last ten months and at the end of September had reached a record high of £313,531, £17,733 more than in January 2013, the highest ever recorded figure.
Selling times in London were the quickest in Q3, with the average property taking 76 days to sell, 35 days faster than the national average and properties are selling eight days quicker than the same time last year.
Robin King, Director, Move with Us commented: “Lower numbers of new property listings which increased demand from buyers together with the Help to Buy scheme have all contributed to the month on month increases in average asking prices seen across Great Britain in the third quarter of this year. With a limited supply of new properties coming on to the market and buyer confidence returning, sellers are currently benefiting from higher property prices caused by less competition in the market. At a regional level, the average asking price has increased in almost every region in the country in Q3 and buyers are seeing higher property prices.”
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