Soaring house prices suggest a recovery in the housing market - and homeowners in the south-east see prices shoot up by almost 15%, which is good news if you're selling...
House prices. Yes, that staple of dinner party conversation is back. And if you’re living in the south-east, there’ll be plenty of smug homeowners ready to tell you that house prices are just rocketing.
And they’d be right. According to property website Rightmove, in June average asking prices broke through the £250k barrier for the first time.
The record high was achieved as the national average asking price rose 1.2% in June – the sixth consecutive monthly rise this year. The average asking price now stands at £252,798.
Not surprisingly, the south-east is the rising star, with a 14.8% change in asking prices in the first six months of 2013.
‘June sees several new price records,’ says Miles Shipside, Director and Housing Market Analyst at Rightmove, ‘but it’s the south-east that has really started to lift-off.
‘While some northern regions outpaced London this year, the price gap remains, with the average price of a property in London still more than three times higher than in the north.’
According to Rightmove, several factors have contributed to the up-turn in the housing market, including consumer confidence in the housing market and low mortgage rates.
How you feel about this news will, of course, depend on where you are on the property ladder.
While homeowners may breathe a sigh of relief at news of a housing market recovery after the dip in house prices in recent years, first-time buyers face the prospect of having to save for even longer.
‘It is worth remembering that, while the asking price and the eventual sale price may differ by a small margin,’ says Miles Shipside, ‘the asking price is a very strong indicator of perceived market value and direction.’