The lack of supply of available housing has property prices increasing by £4,500 this March. Rightmove is reporting that sellers are raising there asking prices with the average home price in Britain now at £304, 504 an increase of 1.5 % within the past month of April.
Four out of eleven regions in Britain have asking prices at the highest level in four years.
Miles Shipside, director of Rightmove, said:
'Many buyers entering the traditionally busy spring market this year face paying more than ever for their target property, and having a more limited choice.’
Average prices for property has risen to £217,952 in the East and £219,941 in the West Midlands.
Rightmove reports that 112,693 properties that have come to market over the past month was 5.2% less than the previous month. The report suggests that inclement weather may have played role in slowing properties coming to market.
Prices for first-time homes having two bedrooms or less are now averaging £189,000 and £272,031 for second -time buyers for homes with three to four bedrooms.
Mr. Shipside says:
‘...upwards price pressure in the lower and middle market sectors with both first-time buyer and second-stepper properties at new national record price highs'.
'The first two months of 2018 saw Rightmove traffic at its highest ever levels, and this demand appears to be now feeding through to fuel the substantial £4,503 jump in average new seller asking prices this month.'
Brian Murphy of Mortgage Advice Bureau in a This Is Money report:
'The report provides us with an in-depth view of asking prices and consumer activity with regards the property market, rather than data on completed transactions.’
'It provides us with an up to date "coal-face" view rather than a historical one.'
'Based on today's insights, it would seem that after a steady start to the year, pent up demand has now meant that asking prices in certain regions have escalated to the realms of never-seen before highs, bringing with them a whiff of the fizzy market last witnessed in 2007.'
Rightmove data shows that 14% of homeowners planning to move and purchase their second home will turn to family members for financial assistance.
The report shows that 85% of second home buyers say that sacrifices will have to be made to go up the housing ladder from changing jobs or delaying marriage and family.
This Is Money reports Henry Jordan, director of mortgages at Nationwide as saying:
'There is a great deal of focus on the difficulties facing first-time buyers trying to get onto the property ladder but, as the research shows, second-time buyers are facing a variety of difficult challenges of their own.’
'Many are having to make compromises in terms of size or location of their new home, or make spending cutbacks and personal sacrifices to move and avoid becoming stuck in a property that isn't appropriate for their changing needs.’