The UK property market had a strong start to the year, with asking prices increasing by £3104 in the past three months to March, according to the latest House Price, Affordability and Rental Index from FindaProperty.com.
Asking prices have increased 1.8% since the start of 2012, bringing the average asking price of a property in the UK to £221,387, up from £217,483 at the end of 2011.
This positive start to the year follows a less impressive final quarter of 2011, where prices fell consecutively between September and December, wiping £2369 (1.1%) from the average asking price of a UK home.
Eight of the 11 UK regions recorded an asking price rise during Q1 2012, with London increasing the most, by 5.4%.
Samantha Baden, property analyst at FindaProperty.com, said: “We always expect prices to tail off at the end of the year as the market quietens down, but a healthy recovery during Q1 of the following year shouldn’t be taken for granted.
“Given the current economic climate, asking price rises could be interpreted as part of a gradual return of confidence to our fragile property market. However, for many first-time buyers and would-be home movers it’s the affordability issue which remains key as they decide their next property move.”
- UK sales asking prices increased by 1% (£2201) in the past month, rising from £219,186 in February to £221,387 in March.
- This is the largest increase in a single month since April 2009.
- Asking prices are currently 1.3% higher than in March 2011.
- Asking prices are now at their highest level since June 2008.
- Asking prices were driven by a 1.2% monthly increase for houses which now stand at an average £242,574.
- Asking prices for flats increased 0.6%, or £1045, to an average of £177,690.
- Asking prices rose in every single UK mainland region in March, with the greatest increases in London (1.4%).
- Of ten cities tracked outside the capital, the greatest increases were in Birmingham, where asking prices rose 1.2% to £151,243 (up £1849).
Source: Propertytalk Live!