House Asking Prices Hit New Record High

House sellers' asking prices reached a new record high of £308,151 on average in May, with some areas seeing 'eye-watering' increases, according to experts.

Across England and Wales, the average price tag on a property coming onto the market has increased by £1,118 month-on-month, property website Rightmove has reported.

There has also been a surprisingly large increase in the price of properties with two bedrooms or fewer, with prices of such properties increasing by £11,298 over the last month alone. Such 'entry-level' properties are now on the market for an average of £194,224, according to Rightmove.

It is thought that this increase is down to a rush of buy-to-let investors hurrying to snap up such properties before the April 1 stamp duty deadline.

Miles Shipside, Rightmove director, said:

"Estate agents have perhaps been focused on getting investor sales through to completion before the tax hike, and some may have been surprised by the continuing momentum and scarcity of stock to meet ongoing demand.

"The net effect is eye-watering increases in asking prices in some towns, and is further stretching first-time buyers' affordability even though they are competing against fewer buy-to-let investors in the market."

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