Asking prices rise in every region for third successive month

Property asking prices are up again for a third consecutive month in all English regions and across Scotland and Wales.

The measurement, from the website Home, says asking prices in England as a whole rose by an average 1.2 per cent in July – bringing the year-on-year rise to 3.3 per cent.

The strongest rises were seen in Yorkshire, 2.3 per cent over the past month, and across Scotland which averaged a monthly rise of 3.6 per cent.

The lowest regional rises over July were in Greater London and the East of England, up 0.5 per cent and 0.6 per cent respectively.

The website suggests that despite an above-average rush of properties coming to the market across Britain last month, the overall stock count remains 9.1 per cent lower than in August 2019.

London agents were the busiest with the total of new inventory in July up 45 per cent when compared to July 2019.

The East and South East regions were not far behind with totals of new instructions up 29 and 30 per cent respectively, as vendors and agents make up for lost time.

Home’s director, Doug Shephard, says although there is some sign of urban sellers moving to the country, this is a minority activity.

Shephard says:

“We don’t expect a mass exodus from UK cities, although prime London properties are clearly less desirable in both sales and rental sectors. In fact, rents are on the decline overall in Greater London (down 5.2 per cent) whilst rising across the rest of the regions.

“Supply is up strongly in London (rising 30 per cent year-on-year) owing to many former short-term lets – Airbnbs – being placed on the longer-term letting market. Of course, this is good news for London renters who now have more choice and some haggle room.”

Kindly shared by Estate Agent Today

Main article photo courtesy of Pixabay