The average asking price for homes has run over a quarter of a million pounds for the very first time, at a time when a housing market upturn is being speculated.
New sellers on the market this month are expecting £252,798 as an average. This represents an increase of 1.2% month-on-month on the former record, according to Rightmove, the property website.
The increase will raise concerns that efforts by the Government to breathe life into the housing sector could result in a ‘property bubble’ with those on a mortgage underestimating how much their finances are being stretched.
Recent research has indicated that the market is beginning to see confidence returning, which includes demand from potential buyers strengthening, as well as sellers feeling more confident with regards to maintaining their asking price.
It has further been reported that first-time buyers find it easier now to access a mortgage, the sector comprising over two-fifths of all home buyer loans.
Rightmove has house cost records going back all the way to 2002 and say that the area with the strongest growth in house prices this year so far has been the South East, with a 15% increase of typically over £42,000, since the beginning of 2013 to where it now stands, at £329,968.
For the sellers to achieve their price, however, they should ensure that they invest as much as they can into the property, which may lead to them calling on the services of a joiner in the Wirral, or wherever the property is located.