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Average British home price, tips over 300,000 pounds @onthemarketblog



The average asking price for a home in England and Wales passed 300,000 pounds for the first time in March, property website Rightmove said on Monday, as buyers rushed to beat a property tax rise which comes into force next month.

Asking prices for homes in London were 11 percent higher than a year earlier, but prices in the capital were flat compared with February with the biggest month-on-month increases in central, south west and north east England.

Demand has grown in recent months as people seeking second homes or properties to rent them out hurry to finish their transactions before a hike in a property tax due to take effect on April 1.


Overall, the average asking price in England and Wales rose 7.6 percent year-on-year to 303,190 pounds, an increase of 50 percent in a decade, far out-stripping wage growth and leaving many people unable to afford a home.


Rocket
Despite government attempts to boost housebuilding, Rightmove said demand was continuing to outstrip supply with a lack of newly listed properties in many parts of the country helping to push up prices.

Miles Shipside co founder and non executive director on rightmove board added:

“More first-time buyers and would-be trader-uppers are finding themselves ill-equipped to cope with current house prices given the tighter lending criteria and average earnings lagging well behind house price growth. 

However, stronger growth in average earnings would not have helped the situation as it would simply have enabled buyers to bid prices up even higher, chasing the limited supply of suitable housing stock. In last week’s Budget the Chancellor could have encouraged landlords and second home owners to sell their properties and improve supply if he had extended the reduction in Capital Gains Tax to include those transactions. 

With no other significant property-related new measures in the Budget it at least allows time for his raft of recent initiatives to bed in.”

This month’s national average 1.3% jump in the price of property coming to market is the second-highest at this time of year since the 2008 credit crunch. The break through the £300,000 mark is not being driven by London, where prices are at a standstill. 

Upwards price momentum and stretched affordability are spreading north and west, with six out of ten regions achieving record asking price highs. All four southern regions are joined by the West Midlands and the North West, with the East Midlands being only £373 shy of an all-time high.



“Three out of the top four risers this month are northern regions, with the West Midlands, the North West, and Yorkshire and the Humber being tucked in the slip-stream of the South West and ahead of all the other southern regions. 


London is a shadow of the former price-rise power-house that has driven up national averages over the last five years, and is now a myriad of different local markets with some boroughs dramatically up or down, but overall cancelling each other out.”

full report below 

http://www.rightmove.co.uk/news/wp-content/uploads/2016/03/Rightmove-House-Price-Index-March-2016-FINAL.pdf

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