Asking price for a property in the UK rose to a fresh record high in June, lifted by a jump in prices in the South East and London, the latest survey by Rightmove revealed Monday.
The average property asking price was GBP 252,798 in June compared with GBP 249,841 in May. Prices increased 1.2 percent month-on-month in June, posting the sixth consecutive monthly rise.
"The national average asking price of a property coming to market is over a quarter of a million pounds for the first time," Rightmove said.
London set another new record of GBP 515,243, with a 1.1 percent monthly increase in June. Among the regions, the most notable price growth was witnessed in the generally 'under-priced' South East, where prices hit a record GBP 329,968.
In June, prices in the South East rose 1.4 percent month-on-month. In the first six months of the year, the South East saw prices growing by a whopping 14.8 percent, the sharpest jump for the period among the ten regions surveyed by Rightmove.
Rightmove said that higher confidence, lower mortgage rates and inflation-eroded prices encouraged more housing market activity.
"Property market recoveries are traditionally led by London and, belatedly, the trend set in the capital now appears to be spreading as a broader housing market recovery is potentially on the cards," Rightmove said in the survey report. In price terms, this is the strongest start to a year since 2004, the report added.
"Agents report that with Help to Buy for the wider market due in January, some buyers are pre-empting any potential scheme-induced price rises by doing a deal now," said Miles Shipside, director and housing market analyst at Rightmove.
Also, "increasing competition among lenders, underpinned by the Funding for Lending scheme, has encouraged new and repeat buyers to enter the market as they benefit from both lower interest rates and deposit requirements," Shipside said.
Most of the residential market surveys are now pointing to improved housing market conditions, mostly supported by the Bank of England's Funding for Lending Scheme (FLS) and the government's Help to Buy scheme.
The BoE launched FLS in July 2012, offering funding to banks and building societies for boosting their lending to the real economy. The Help to Buy scheme is a new government-backed initiative with an aim to help buyers purchase a property without large deposits.
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