House prices rise...despite Brexit
So much for Brexit crashing the property market! Despite years of political uncertainty, property prices are on the up.
The average asking price for UK homes jumped by almost £3,500 in April – making it the biggest month-on-month uplift in over a year, new data has revealed.
Across Britain, the average price of new-to-the-market properties increased by an average of £3,447 in April - equivalent to 1.1%, according to Rightmove's House Price Index.
The average asking price of a property is now £305,449 - still 0.1 per cent lower than a year ago, despite the spring bounce in April.
While Rightmove said April often sees an upsurge in property value, it is still the biggest increase seen for the month of April since 2016.
Miles Shipside, Rightmove director, said: 'The rise in new seller asking prices reflects growing activity as the market builds momentum, egged on by the arrival of Easter.
'Some sectors of the market and some parts of the country have strong buyer demand and a lack of suitable supply. However, on average, properties are still coming to the market at slightly lower prices than a year ago.
'It's one of the most price-sensitive markets that we've seen for years, with buyers understandably looking for value or for homes with extra quality and appeal that suit their needs.'
The family home sector, including three and four bedrooms but excluding four bedroom detached homes, is outperforming other sectors in key metrics, Rightmove said.
This is due to families' housing needs, often driven by the need for more space or proximity to schools, outweighing the ongoing political uncertainty.
The value of these properties are holding their value better with an average 0.7 per cent year-on-year price increase. This is compared to a national fall of 0.1 per cent for all properties.
Mr Shipside added: 'Properties in this middle sector offer the ideal escape route to families looking for more bedrooms, more space and their choice of schools.
'They are often second-steppers out-growing their first property and it gets harder to postpone a move with growing children. They may have already delayed for a year or two waiting for Brexit clarity, and understandably their patience is wearing thin.
'No doubt there are still a lot of twists and turns to come, but this extension could give hesitating home movers encouragement that there is now a window of relative certainty in uncertain times.'
He also confirmed that the demand is 'clearly there' as March was Rightmove's busiest ever month with over 145 million visits to the website.
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