Average home asking price hits record £308,000

THE average price tag on a home reached a record high of £308,075 in May, a report claims.

Across Britain, the price of fresh properties coming to market jumped by £2,343 or 0.8 per cent month-on-month.

But different markets are still operating at different speeds, and the overall picture is one of a less buoyant market, both in terms of price growth and number of sales agreed, property website Rightmove said.

Miles Shipside, Rightmove director, said: ‘After six years of continual year- on-year price growth the current market is becoming increasingly price- sensitive … Sellers need to pitch their price at a tempting level to entice buyers, as while there are signs of strong demand there appears to be hesitation among some buyers to commit.’

Rightmove said a lack of homes for sale means agents in some areas report that the right property at the right price is still selling briskly. It said annual rates of asking price growth of over 4 per cent are still to be found in the East Midlands, the West Midlands and Wales. London and the South East are the only regions where asking prices are lower year-on-year, down 0.2 per cent and 0.1 per cent respectively.

Mr Shipside said: ‘The last time the South East recorded an annual price fall was in 2011, indicating the softening in the London market is spreading to its commuter belt.’