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April sees new record peak for average UK house price

The average house price in the UK has reached a new historic peak of just over £286,000 in April.

UK Housing Market

The average house price in the UK has reached a new historic peak of just over £286,000 in April.

According to a new report from online property agent Rightmove, an absence of properties available for sale in the market and a large rise in the numbers looking to buy has caused the average house price to increase to this new all-time high.

Nationally, asking prices rose month-on-month in April in every region, with year-on-year increases in all areas across the country with the exception of Wales. The highest monthly increases in England were experienced in London and the north east, where the average house price rose to £594,585 and £146,361 respectively.

Since the coalition government came to power in May 2010, London’s average asking price has increased by almost 50%, or £195,000, said the report. This compares with a £6,374 (3.7%) rise in the north of the country.

Miles Shipside, director of Rightmove said: “Record high housing demand and an undersupply of homes have delivered a new all-time high in the price of property coming to the market in the month before the election.

“The high cost of housing is a big concern for many home-hunters, so the contents of the respective party manifestos and well thought-out sustainable solutions to the lack of affordable housing supply will be high on many voters’ agendas too.”

Rightmove announced last month that March 2015 had been its busiest month ever, with the number of users looking at properties up 20% on the same month last year. This stands in contrast to the decline in the number of sellers adding listings to the site, which has decreased by 4% in Q1 2015 compared to the first three months of 2014.

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