Average price tag on home tops £350k

THE average price tag on a home in Britain has topped £350,000 for the first time, according to website Rightmove.

Sellers were typically asking £354,564 for a property in March – 1.7% or £5,760 more than in February – the website revealed.

It is the biggest monthly increase seen at this time of year since March 2004.

The average price of a “top of the property ladder” home with at least four bedrooms increased by 3.8% or £23,619 this month, reaching £647,112.

Rightmove said asking prices generally are 10.4% higher than a year ago.

Tim Bannister, Rightmove’s director of property data, said: “Many of those who are selling in this record-breaking market obviously also face the prospect of buying again in the same market, and being in fierce competition against other buyers.

“Having a buyer for your own property, subject to contract, puts those who are buying again in a powerful position compared to buyers who have yet to sell.”

Mr Bannister continued: “Agents report that despite the current high demand, a price reduction is often needed if a property has not found a buyer within the first two weeks.”