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Properties Selling Fast and At Record High Asking Prices

Figures show that property asking prices are reaching record-high levels in June 2016, with selling times now faster than at any point before 2010.

Figures show that property asking prices are reaching record-high levels in June 2016, with selling times now faster than at any point before 2010.

Measuring the asking prices for nearly 150,000 properties listed on their website, Rightmove found that the asking prices for properties in June are 0.8% higher than in May and now stand at an average of £310,471 – 5.5% higher than a year prior, in June 2015.


According to Rightmove, properties' asking prices have risen for each consecutive month in 2016, now reaching a record-high in June. Following the surge in demand for properties ahead of April's introduction of the new Stamp Duty surcharge, demand has remained high as purchases are eased by a higher availability of mortgages.


With demand for properties increasing, homes across England and Wales are now taking an average of just 57 days to sell – the quickest sales period recorded since 2010. On average, properties are selling 3 days faster than previous months in 2016 and 8 days faster than they were in June 2015.


Regionally, the highest monthly increases in asking prices were recorded in the North-West, where properties sold at prices 2.2% higher than in May and where the average asking price now stands at £183,482.


Certain boroughs in London witnessed steep declines, with Richmond upon Thames recording a 10.2% monthly decrease in asking prices. Kensington and Chelsea also saw properties sold for less, with the average asking prices 9.4% lower than they were in May.


News of rising asking prices follows the news that the supply of UK residential property has also increased in recent months, with sellers motivated by the Stamp Duty changes and the upcoming EU referendum.

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