Average home price now £244,706

London prices drop slightly

Asking prices for homes in 2013 have risen nearly seven per cent, rising more than two per cent over the last month.

According to new figures from Rightmove, the gap between the last advertised asking price on their site and sold price has narrowed to just under three per cent.

There are various price indexes including those issued by Halifax and Nationwide who calculate prices in different ways and are both around £80,000 lower in estimating the average value.

The 2.1 per cent rise noted by Rightmove is the fourth successive monthly increase. All regions have experienced price rises month-on-month except London - down 0.5 per cent - which normally outpaces the rest of the country.

Miles Shipside, director and housing market analyst at Rightmove said "Transaction volumes may be historically low but, paradoxically, new seller asking prices are within a grand and a half of a new record high. With mass-market buyers still sitting on the sidelines, the size of the active market is a lot smaller, making it easier for an upswing in activity to feed through to an upturn in prices.

"With London prices pausing for breath this month but likely to bounce back next, May looks like an odds-on bet to deliver a new asking price record. This should not be confused with an overall market recovery, as while spring may be here the ongoing chill of the recession is still in the air. However, it is true to say that more estate agents are reporting more activity in more segments of the market.”

Average time for homes on the market is down from 83 days in April 2012 to 73 days this year.

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