Newly released data from Rightmove has revealed that the prices of new-to-the-market property have risen by modest 0.4% (+£1,228) this month. This figure has pushed the national average to a new record of £305,732, the previous national high of £304,943 was set in July 2017 by 0.3%.
Six out of the eleven regions across the UK have also hit new peaks, including Yorkshire & Humberside, where average asking prices have seen a 2.7% annual increase and the figure is now £188,044.
The Rightmove data also shows record monthly visits of 142 million to the search portal last month, indicating a strong interest in property, though the subdued 1.6% annual rate of price increase warns that many buyers are increasingly price sensitive.
Rightmove’s figures show homes in Yorkshire and the Humber are on the market for an average of 65 days before they sell – four days less compared to March.
Patrick McCutcheon, Head of Residential Sales at Dacres says: “Last month asking prices increased by 1.5% in a matter of weeks, which was a significant upward shift, this more modest price increase is the lowest at this time of year since 2008, but is probably a natural re-balance from the larger rise last month.
“Buyer demand and lack of supply in certain areas in Yorkshire is helping to nudge prices up, but buyers are savvy and can easily spot a property with a speculative price that is out of line with others nearby, so it’s as essential as ever to get a realistic valuation from an experienced local agent with a thorough understanding of the market, as this can really add value.”
On average sellers are achieving 96.7% of their final asking price, a gap of just over £10,000 on the current national asking price, though this varies by region, location and property.
Miles Shipside, Rightmove director and housing market analyst comments: “The average gap of over £10,000 between the final asking price and the price the home actually sells for is a national average and can only be tracked on properties that have actually sold. Property that is over-priced and has not yet sold may need to be priced more attractively in order to attract a buyer in the first place. As a buyer, doing your research before you decide what to offer is essential, as the market is often hyper-local with prices depending on local supply and demand and how sensible sellers and their agents are with their asking prices. As a seller, if your property is initially over-priced, you may find it much harder to achieve a sale at any price as increasingly price-sensitive buyers might just ignore it.”
With 21 offices and 161 members of staff across North and West Yorkshire, we are Yorkshire's largest independent estate agent. For more information visit www.dacres.co.uk