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Average asking prices pass £300,000: Rightmove

Real-Estate-Agent-House-For-Sale-London-700.jpgAsking prices have risen 0.8 per cent in February according to the latest index from Rightmove, taking the average asking price to £300,001.

Asking prices are now up by 1.5 per cent on an annual basis.

All regions of the UK saw asking price increases, except for the south west which saw a marginal fall of £131.

Asking prices of typical first-time buyer properties fell by 0.1 per cent over the month according to the site, to an average of £187,896.

But typical second stepper homes rose to an average of £268,869, an increase of 0.9 per cent, while homes at the top of the market increased by 1 per cent to an average of £524,832.

January was the busiest month in the property portal’s history, with house hunter visits passing 141 million.

The number of sellers also increased, with the number of properties coming to market up by 2 per cent on last year.

The average number of days to sell a property continues to increase, hitting 72 days in January.

This is up from 67 in December and just 54 back in May 2017.

There are significant regional variances however; the west and east Midlands have the fastest turnaround times at 61 and 65 days respectively, while in the north east it currently takes 92 days for the average property to sell.

Livingston in Scotland was pinpointed as the fastest town for sales, with average sales times of 17 days. Falkirk, Rugby and Hitchin were all highlighted for sales times of less than 22 days on average.

Rightmove director Miles Shipside says that while it is the norm for new seller’s asking prices to be buoyant at the start of a new year, 2018 has seen “more pricing optimism” so far than the same period of 2017.

He adds: “ The political and economic uncertainty is out of sellers’ control, but they are in control of their asking prices, and in general they are not being overly ambitious or setting too high an asking price.”

Bluestone Mortgages director of sales and distribution Steve Seal says that with annual house prices growing at a steady rate and first-time buyers levels rising to an 11-year high, now is an excellent time for those looking to take their first steps onto the property ladder.

He adds: “However, this doesn’t mean everyone is being treated equally when it comes to securing home ownership. Successful business owners, entrepreneurs and contractors who do not fit traditional credit scoring are being turned away by high-street lenders due to their complex sources of income.

“Yet complexity doesn’t, and shouldn’t, mean they cannot be lent to. As an industry, we need to take the time to understand these borrower’s individual circumstances on a case by case basis and ensure they are getting the support they need and deserve.”

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