Up and up – Average asking prices in big monthly jump, says Rightmove

Asking prices of property new to the market have jumped an average of 1.3% this month, Rightmove reported this morning.

The monthly rise, which equates to an average of £3,877, is the same as March last year, when there was a buying spree fuelled by the impending rise in Stamp Duty on the purchase of second homes.

There has only been one bigger monthly rise in asking prices in March, and that was in 2007.

The average new asking price is now £310,108.

In the past year house prices in Manchester were 6% up on the year before and 12% up on 2007 when they averaged at £152,675.

The regions with the fastest rate of asking price acceleration are the east and west midlands, followed by the east of England.
New asking prices went up in Greater London by less than 1% on a monthly basis, and dropped in both Wales and the north-east.

Average time to sell is currently 71 days and average stock per branch is 52, including those properties sold subject to contract or under offer.

Amco’s average time to sell calculated since May 2016, is currently 67 days.