House-sellers’ asking prices hit record high, says Rightmove

The average price tag on a home reached a new record high of £312,625 this month, a property website has reported.

Across Britain, average seller asking prices this month were £3,226 higher than in February, Rightmove said.

The new all-time high beat a record set in June 2018 by £3,186.

Asking prices in March are up 3.5% on a year ago.

Rightmove director Miles Shipside said: “The average asking prices of over 110,000 properties that have come to market this month are at a record high as we enter the traditionally busy spring moving season.

“As a result, we are measuring the highest annual rate of increase since December 2016.

“Many more properties are being bought, and bought more quickly than at this time last year. This is further fuelling the existing shortage of property available for sale, driving up prices to a new record high.”

The average time to sell a property is 67 days, down from around 71½ days a year ago.

“New supply to the market has failed to keep anything close to the pace of demand,” Mr Shipside said.

Rightmove said that, looking ahead, potentially lower mortgage rates as a result of the Bank of England’s base-rate cut last week could help to support the housing market.

But Mr Shipside said the spread of coronavirus could temporarily affect the housing market pick-up.

“However, the market fundamentals are still very sound, hence the current surge in activity, which has included Rightmove’s five busiest days ever.”