Record breaking rise in average house prices

Mon, 15 Feb 2016

Record breaking rise in average house prices
The average asking price for a home across England and Wales has spiked in February, according to a property website, putting it at a record high of almost £300,000.

The typical value of a property now stands at £299,287, according to Rightmove.

It is a big jump up from the average asking price of January, with a rise of £8,324 in just once month, it is reported.

This is a record breaking amount, beating the previous high seen in October 2015 by over £2,000.

Despite this, Rightmove apparently said that 2016 could still be the year for first time buyers. The amount of two bedroom homes coming to the market is up. Mr Shipside, of Rightmove, said that "London, East, South East, West Midlands and Yorkshire and the Humber" are "outperforming the national average with over 10 per cent more newly marketed homes with two bedrooms or fewer."

While the increase in the number of small starter homes is very good, meaning that there are more potential properties on the market, the rising prices indicate that there are not enough being built to bring the prices down.

Hopefully the increase in the amount of one or two bedroom homes are a result of the Help to Buy schemes, letting more people get onto the property ladder and raising the demand of a certain style of home.

Of you are looking to save for a home, you might want to look into the Help to Buy ISA or the Help to Buy Equity Loan.
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