Asking prices up 6.4% year-on-year

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The average UK asking price has risen 6.4 per cent year-on-year, according to Rightmove.

On a monthly basis, the average asking price rose 0.5 per cent to £290,963 between December and January. Rightmove says this is the second highest increase at this time of year since 2007.

Rightmove director and housing market analyst Miles Shipside says: “Upwards price pressure remains, with the second-highest rise seen at this time of year for nine years. The early snapshot of home-hunter visits in the first week of 2016 is up by 21 per cent on the same period last year to 27.8 million visits, showing demand is not letting up either.

“Encouragingly for first-time buyers there’s more fresh choice with more property coming to market in their target sector. With their asking prices pretty much the same as a month ago, perhaps the knock-on effects of the more punitive landlord tax regime have arrived early and they now face a dilemma over whether to buy now or wait to see if prices drop in this sector over the next few months.”