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Asking prices for homes in England hit record high but Brexit fears shake London market

The average asking price for a home in England has hit new highs according to figures released today by Rightmove.

Taking into account the asking price of around 150,000 properties listed on its website, the property site found that asking prices rose to an average of £310,471 in June, a 0.8% jump on May and a big 5.5% increase on the same time last year.

It marks the sixth consecutive month that the average asking price for a home in England has risen this year, fuelled by the rush to conclude sales before April’s stamp duty increase on second homes and the widespread availability of affordable mortgages.

However, there are signs that some sellers were holding off before the result of this week’s EU referendum is known, with Rightmove’s figures showing a drop in the number of new sellers normally seen at this time of year.

The reports said: “Fewer new sellers are coming to market, with this month’s numbers being 5.3% below the monthly average for this time of year since 2010.

“The most reluctant are owners of larger homes, those with four or more bedrooms, with 6.6% fewer sellers over the same time period.

“Given the well-documented structural shortages of housing supply any longer-term reluctance of owners to come to market would be a worrying trend.”

Elsewhere, Brexit jitters also seem to be hitting the higher end of the market in Greater London as averages bucked the national trend with a 0.2% fall on May’s prices at £643,117.

In particular, the more well-heeled boroughs, such as Richmond on Thames and Kensington and Chelsea, posted sizeable 10.2% and 9.4% falls respectively on May’s prices, as international buyers continue to bide their time until after 23 June.

Speaking about the possibility of the UK exiting the European Union, Rightmove Director, Miles Shipside, commented: “A vote to remain should mean that the housing market quickly returns to its previous norm, but a vote to leave would create political and economic uncertainty, which historically has had more serious repercussions.”

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