Property asking prices increased by 7.3 per cent in April, compared with the same period last year, a new report shows.
According to lse.co.uk, the report from Rightmove reveals that all four southern regions of the housing market are performing well. Moreover, the average property is now priced at £262,594 – an all-time high.
An average home in London will set people back around £572,348 though, as prices are up 3.6 per cent compared to March.
The supply of new homes on the market rose too – by 13 per cent compared with the last year. However, house prices in the South are still being driven by demand outstripping supply.
Miles Shipside, Rightmove director and housing market analyst, says the housing boom in London is finally influencing house prices in the other southern regions.
“Records are tumbling, with a new national asking price record being set for the second consecutive month,” he explains, reports propertywire.com. “London’s asking prices are at their highest ever level and the strong ripple effect from the capital has also caused a new wave of record prices for property coming to market in the South East, the South West and East Anglia.”
He adds there is a still a north-south divide, as Londoners are now asking £168,711 more for their properties than they were six years ago. Homes in the North are still worth £10,653 less than they were six years ago, showing these regions still need to play catch up.