Property News UK – house prices have reached an all time high according to leading property portal Rightmove.co.uk.
According to the latest House Price Index released by the website, the average asking price for a UK property is now £243,737 – a new record. The previous highest average asking price was £242,410 – in May 2012

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However, this new record asking price is being skewed by the drastic rise in London property prices, which is masking the serious problems which continue throughout the rest of the country.
Although the average UK property asking price did rise 2.9 per cent between March and April, when broken down this actually equates to a 14.9 per cent rise in property prices in London compared to a 4.3 per cent FALL in property prices in the same period for the rest of the UK.

“It has taken four years for new sellers to pitch their asking prices above their previous record. However, this is not a universal signal of a housing market recovery. The richest seams of housing market activity are concentrated around those with access to cash and finance, with a strong bias to the south and London in particular.” Miles Shipside, director of Rightmove.
The areas hardest hit in the latest price index were:
Wales – 12.3 per cent
Yorkshire and Humberside – 11.6 per cent
East Midlands – 10.3 per cent

The areas showing the biggest signs of recovery in the UK (outside of London) were:

East Anglia – 6.2 per cent
South West – 3.9 per cent
South East – 3 per cent
‘This is a reflection of the new world where house prices in micro markets are driven as much by banks’ willingness to lend as by consumers’ desire to buy, making buying aspirations more achievable in the relatively credit worthy south, and London in particular.”, Shipside added.
Aside from asking prices, the number of new properties being brought to the market still remains much lower than in previous years – 0.5 per cent down on the same time last year, and 30 per cent few properties than April 2012.