House asking prices reach averages of £308,000 with properties with two or less bedrooms seeing £11k increase in the previous month
- Houses with two or less bedrooms or fewer has jumped by £11,298 in this last month
- Across England and Wales, the cost has jumped each month by £1,118
- House prices soared to a record breaking £308k on average in May
House sellers’ average asking prices soared to a record breaking £308k in May, some towns experienced ‘eye-watering’ price jumps, according to some experts.
Across Wales and England, the average price on a property coming onto the market has grown by £1.1k month-on-month, the property portal Rightmove has reported.
The increase comes as a shock considering the 3% stamp duty rise for buy-to-let investors, which started on April 1st; many believed this would have a negative impact on the market.
The cost of a house with two or less bedrooms has jumped over the last month alone to reach £194k on average, Rightmove said.
Houses in this price range are usually popular among first-time buyers and buy-to-let investors.
Rightmove director, Miles Shipside, said a rush of buy-to-let investors purchasing properties before the stamp duty deadline had resulted in ‘a famine of suitable property and higher prices’.
It’s believed this may be as a result of estate agents rushing sales through to avoid the tax hike; many however may have been astonished by the continued strong interest and low stocks.
Said the top hotspot of the countries was Croydon, London, with Dartford, Kent, also a popular place for people priced from London.
However, many places have seen drops in asking prices for a typical first-time buyer house such as in Wales
In all areas asking prices have increased over the past year, with Wales experiencing the lowest increase at 1.6%.