Average asking prices for UK properties soar to record high with 10% rise in last year

The Independent says Average asking prices for UK properties have jumped £55,000 since the start of the pandemic, with no slowdown in the "frenetic" market despite the cost of living crisis, new figures show.
Average asking prices for UK properties soar to record high with 10% rise in last year

Average asking prices for UK properties soar to record high with 10% rise in last year

The Independent says Average asking prices for UK properties have jumped £55,000 since the start of the pandemic, with no slowdown in the “frenetic” market despite the cost of living crisis, new figures show.

Rightmove said asking prices rose by £7,400 (2.1 per cent) between April and May, taking the average to a new record high of £367,501.

It means prices have risen 10.1 per cent in the past year, despite fears for the health of Britain’s economy.

The property website found that a fourth successive interest rate rise by the Bank of England had done little to dampen demand.

The Bank increased its main benchmark interest rate to 1 per cent earier this month and has signalled further increases are in store as it seeks to control runaway inflation.

https://www.independent.co.uk/news/business/uk-property-asking-prices-latest-b2085420.html

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