Property prices continue to climb as demand outstrips supply
According to the latest house price index from property portal Rightmove, there has been a jump in average asking prices of 1.5%, approximately £4,503.00 since the start of the year. So far in 2018 we have seen strong demand from home movers.
First-time and second-step sectors have hit record highs with average asking prices of £189,840 and £272,031 respectively. Overall, average prices hit an all-time high record in four out of eleven regions. The rise in house prices seems to be due to a dip in supply with 5% fewer properties coming to the market compared to this time last year. We're still seeing first-time buyers taking a step onto the property ladder and benefiting from stamp duty relief.
Looking at the North East specifically, we have seen a 1.6% monthly change in house prices with the average for March working out at £148,695 which is a 2.2% annual change. The average property in the North East is taking 84 days to sell.
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