Average price of a home hits record £333,000

THE average price tag on a home in Britain has reached one third of a million pounds, according to a property website.

House sellers are, typically, asking for a record £333,564 this month, Rightmove said.

The average asking price has jumped by £5,767, or 1.8%, since the previous all-time high recorded in April.

Demand continues to massively exceed supply, particularly in northern regions, Rightmove said.

By contrast, asking prices in London are at a “virtual standstill”, it said.

Prospective buyers are now typically faced with record prices for newly marketed properties in all regions and countries of Britain except London, Rightmove added.

Tim Bannister, Rightmove’s director of property data said:

“Buyer affordability is increasingly stretched, but there’s obviously some elasticity left to stretch a bit more as many buyers are squeezing their way into higher price bands.

“This high demand, with both willingness and ability to pay more, has pushed the average price of property coming to market to a new all-time high of a third of a million pounds.

“In another twist, it is the regions of Britain further north that are leading the way, with some degree of catching up between average prices in London and the north.”