House prices rise 3.2%
Property website Rightmove has announced that short supply locations such as London or the South East are experiencing an average property price growth of 3.2 per cent.
Insidehousing.co.uk reports that during the property sales website's monthly price index, it was found that prices had increased by an average of £7,137 - as the number of buyers continued to be greater than the number of properties available for sale. The average London property price has now risen to a staggering £427,987 - the highest level since the recession.
Further boosting the fortunes of those in building jobs, it was found that although buyers outstrip available properties in the south especially, currently, the number of properties on the market is increasing by 19.8 per cent and is set to continue to rise.
Commercial Director of Rightmove, Miles Shipside, commented on the rise, saying: ''Where supply remains well below historic levels, which is especially noticeable in the south, upwards price pressure looks sustainable... Where property supply is closer to pre-crunch levels, sellers should price more aggressively, having compared their property to recent actual sales as well as to what's currently on the market'.
Shipside added that ''a rise of over 3% is more comparable to pre-credit-crunch boom times with sellers setting their sights higher and agents going along with them''.
Author: Sarah Howard
Keywords: building jobs