Asking prices up across the UK month on month
Residential property asking prices in England and Wales increased by 0.9% last month and by 1% in Scotland, the latest index data shows.
Year on year home prices were up 3% in England and Wales, taking the average asking price to £302,793 and in Scotland by 1.9% to an average of £179,296, according to the figures from Home.co.uk.
Asking prices rose month in month in all English regions except the North East where there was no change month in month but down 0.3% year on year, while asking prices were up by 0.4% in Greater London month on month but down 1.1% year on year.
The South East and South West saw the biggest month on month rises of 1.3% while year on year the biggest increase was the East of England at 9.4%, followed by a rise of 5.6% in the East Midlands and a rise of 3.9% in the North West and the West Midlands.
The index figures show that more homes are now coming onto the market going into the buys spring selling period with the East of England seeing a rise of 22% in supply, the South East up 18% and Greater London up 16% compared with March 2016.
Overall, the supply of property entering the UK market has picked up by 7% year on year to a 34 month high while the typical time on the market was 76 days, the same as in March 2016.
But according to Doug Shephard, director at Home.co.uk, despite significant year on year growth in several regions, 2017 looks set to be a year of stagflation for the UK property market.
‘Overall, price rises are much more subdued this year than last. In April 2016 the annualised rate of increase of home prices was 7.5%, today the same measure is just 3%,’ he pointed out.