Avg house price in UK nears £250k

Avg house price in UK nears £250k

The typical value of a home in Britain is almost a quarter of a million.

Summary:

  • Property prices in the UK have surpassed the previous high of £246,235 in June
  • They have risen by 9.1% since the start of 2013
  • Values are now typically £249,841

The average price of a property in the UK has nearly reached £250,000, according to Rightmove.

Its latest House Price Index released yesterday (May 20th) revealed the national average value of a home is £249,841.

This is greater than the previous high of June 2012, when the typical cost was £246,235.

Miles Shipside, Rightmove Director and Housing Market Analyst, said the economic crisis has changed the way a lot of people buy property, commenting: “Prospective buyers are giving thought to ease of resale, a sign that the pain of this financial crisis has left them much more mindful of the future liquidity of their assets.”

The report showed new properties on the market have risen in value by 9.1% since the start of 2013, which amounts to £20,412. Prices have increased for five consecutive months, climbing by 2.1% in May 2013 – the equivalent of £5,135 – from £244,706.

This comes after property values increased by 2.1% or £4,996 in April, while last month’s House Price Index also revealed all regions in the UK saw costs rise month-on-month apart from London.

Mr Shipside added that there has been a lot more interest in homebuying recently, stating traffic levels rose by 20% in April. The increasing popularity of viewing property search pages on mobile devices and tablets has helped this boost.

 

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