According to Rightmove we now have the highest house prices since 2008
House prices rose 2.9% in April according to Rightmove. Although the average house price is now at its highest in the country, this is not reflective of all UK areas. In fact many are lower.
The best advice is to look at your own area as an isolated situation as the UK average disguises a lot of hidden issues.For example, 30% fewer properties were brought to market this month compared to April 2007, and 0.5% fewer than April last year. So it’s not a recovery by any means, just the interesting figures to consider from Rightmove.
“Not a Housing recovery though” - According to Rightmove
This is not a housing market recovery though as the average is due to increases in the South West and London holding its value. London average asking prices are at nearly half a million pounds. This is a historical high, as sellers in the capital drag their heels in bringing fresh property to the market.
This means the average asking price in England and Wales is now at an all-time high of £243,737 – up 0.5%, or £1,237, on the previous record, which was set in May 2008.
According to Rightmove director Miles Shipside, he reported ”In real terms prices are actually down 9.9% as had prices had kept pace with inflation, as measured by the retail price index, they would now stand at £270,459, the property website explained.”