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News: Property prices in areas outside of London hit record breaking levels

Tue, 06 May 14

The average asking price for Greater London reached a five-year high in March, growing £69,761 in the last year. In March alone, the average asking price increased by over £13,000 to finish the Q1 at £438,118. But regions across the country enjoyed strong growth, with the South West seeing prices climb 0.46 per cent to an average of £267,880 - the highest it has been for five years.

The South East also saw prices rise 3.01 per cent across Q1 2014, accompanied by growth in East Anglia, the East Midlands, West Midlands, Yorkshire and Humber and the North East. The North West saw prices climb in February and March to £174.985 on average, the highest they have been since July 2010.

“It’s no longer just London which is experiencing rises in the average asking price, it’s happening in many regions in Britain," comments Robin King, Director, Move with Us.

"Faster selling times, increased supply and rising asking prices are all positive signs for home owners. Q2 2014 may hold further improvements on the back of a good start to the year.”
 
As asking prices climb, sellers are becoming increasingly confident. Indeed, the number of new listings in Q1 2014 soared 114 per cent.

"Despite the quarterly rise, by the end of Q1, listing numbers were still significantly lower than the last two years," notes King. "There were over 23,500 fewer properties on the market in March 2014 than in March 2012 and 13,965 fewer than March 2013. This could indicate some sellers are biding their time before listing their property for sale due to climbing asking prices.”

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