Average Asking Price in England Now Over over £337,000!
Research from Rightmove found that in June 2020, the average asking price for a property in England had risen by 1.9% (equating to +£6,266) compared to March.
The average asking price for a property is now £337,884, compared to £331,618 in March. For first-time buyers, this figure was slightly lower at £212,528, but that still represents a 1.6% increase since March.
For second-steppers, asking prices have also increased by 1.6%, to £297,757, but it’s top of the ladder buyers who are seeing the biggest increase of all: a 3.3% increase since March, at an average asking price of £591,508.
Regional asking price variations
Of course, average asking prices vary from region to region, with London unsurprisingly, taking top place, with an average price of £628,284 in June 2020 – the only region to see a decrease since March (1.7%).
Closely following London are the South East and East of England, at £419,595 and £363,066 respectively.
Asking prices are lowest in the North East, at an average of £157,291; followed by Yorkshire and the Humber (£202,502), and the North West (£206,909).
Average asking price vs selling price
Interestingly, sales prices have increased too, with buyers paying 97.7% of a property’s asking price on average, compared to 96.6% in February.
Houses in the West Midlands typically get 98.1% of their asking price – the highest of all regions – closely followed by the East Midlands and the North West, at 97.9% each.
Whilst the North East sees the lowest percentage of their asking price, it still reaches 96.8%, which is up from 95.8% in March.
Given the effects that COVID-19 has had on the UK housing market, despite demand being down, those that are looking to move are happy to pay the asking price for their dream home.
Property asking price history
Five years ago, we reported the possibility of the average asking price reaching £300,000 by the end of the year. September 2015 saw the largest rise in asking prices in 13 years,increasing by £2,550 to £294,834.
The family home market saw the largest average growth, at 1.2%, whereas the first-time buyer market had stalled, likely because the £10,000 rise in property prices were simply too much.
This follows the announcement that in the first eight months of this year, UK mortgage lending had surpassed the whole of the lending of 2011 (£138.3bn). In fact, in August 2015, mortgage lending was 1pc higher than in August last year.
In March 2017, asking prices rose considerably again, by +0.9%, compared to the previous year. By this point, the average asking price for a home in England and Wales had reached £302,793
When selling your home, the best way to get the closest figure to your asking price is by going through an estate agent. However, estate agent fees can be costly, so it’s worth exploring other options before you commit.
Alternatively, if you’re looking to sell your house fast, whether it’s because you’ve inherited a property, are going through a divorce, or need to pay off debts; then a cash property buyer like ourselves may be the ideal option. We’ll offer you up to 85% of your property’s market value, and you could receive the cash in your bank in just seven days. Get in touch with our friendly professionals to find out more.
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