House prices hit record high

HOUSE asking prices reached a record high this month, with the average cost now £317,281.

A leading website said this shows signs that sellers’ moving needs are taking priority over uncertainty surrounding Brexit and the forthcoming election.

Rightmove said the £317,281 figure marks the second month in a row that asking prices have hit a record level.

Across England and Wales the average price of property coming to market has risen by 1.2 per cent or £3,626 month-on-month, after a previous peak of £313,655 in April.

Rightmove said that pre-election periods often prompt a pause in activity.

But the recent price growth the company has seen and “strong” year-to-date numbers of sales agreed indicate that many people are undeterred.

The asking price of a typical “second stepper” home bought by families looking to upgrade from their first property has increased by 5.4 per cent over the last year to reach £270,953.

Rightmove director Miles Shipside said: “Demand is exceeding supply in many parts and it continues to push up the prices of newly-marketed homes. Spring is in the air and home movers are springing up the housing ladder.”

£90,000 for an ExclusivE flat...but thErE’s a catch

AN APARTMENT in one of London’s most expensive squares where flats sell for £30million is going to auction with a guide price of £90,000 – but there is a snag.

The two-bedroom property in Eaton Square, Belgravia, above, only has 13 months left on its lease. When it expires the new owner will have to pay the freeholder £90,000 to renew it for another 20 years.