Average values in the region grew by 2.2% in June, as the nationwide average hits new record high in the face of huge demand and low supply.
- Average property prices rose fastest in the north-west in June
- UK average values have now reached a record high of £310,471
- The slowdown in available property coming onto the market comes at a time when demand for accommodation continues to rise
Property investors in the UK are seeing the asking prices their assets can command reaching record highs.
Average values in the UK reached a new record price of £310,471 in June. New data from Rightmove also shows that properties in England and Wales are now taking just 57 days to sell after coming onto the market, the shortest length of time since Rightmove records began in 2010.
Investors in the north-west saw asking prices record the biggest month-on-month increase of anywhere in the country, with values rising by 2.2% from May and now standing at £183,482.
Analysts have pointed to the imbalance between demand and supply for the strong performance. Newly-listed property numbers have fallen 5.3% below the average for this time of year, at a time when property stock levels were already at historic lows.
Commenting on the findings, Rupert Briggs from Surrey-based The Personal Agent, said: “The market is still very strong in our areas and we have more buyers than sellers.
“The market is definitely a lot more price sensitive, and properties need to be marketed at the correct price to achieve a good level of interest.”
Many experts are also predicting increased activity following the outcome of the EU Referendum, with many buyers holding off making a move in the market before Thursday (June 23rd).