Property sellers’ asking prices reached a record high of £310,471 on average in June, despite uncertainty over the EU referendum, a property website has reported.
Homes across England and Wales are now taking just 57 days typically to sell – the fastest length of time recorded since Rightmove started monitoring selling times in 2010.
In May, the average length of time between a home being marketed on Rightmove and being marked as sold subject to contract was 60 days.
Miles Shipside, Rightmove director, said: “In many parts of the country, the over-riding factor of supply outstripping demand has so far overcome buyers’ usual reluctance to make major financial decisions at times of political uncertainty.Most seem to be getting on with the certainties they can control, namely if you find a suitable property snap it up.”
Mr Shipside said the lack of properties on the market should not encourage sellers to become over-ambitious with their asking prices. He said: “Buyers’ affordability is increasingly stretched and they’re shopping around so their budgets go further. If you set too high a price your property can become stale and be ignored.”
“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.”
Across England and Wales, asking prices increased by 0.8% or £2,320 month-on-month. Rightmove has seen price rises every month this year so far.
London was the only area to see asking prices fall back in June, with a small 0.2% month-on-month decrease. But the average price tag on a home in London is still much higher than other regions, at £643,117.
The North West of England saw the biggest month-on-month increase in asking prices, with a 2.2% increase taking the average asking price to £183,482.
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