Home asking prices hit five year high

The average asking price across England and Wales is now £241,710, the highest level since July 2008.

The July 2013 Home.co.uk Asking Price Index also found that annual house price inflation hit 4.0%, the highest annualised increase since March 2008.

The survey also mentions the impact of falling supply to the market particularly with regards to Greater London market where supply fell 22% last month, fuelling an increasingly fierce rate of home price inflation (now at 9.5%).

Doug Shephard, Director at Home.co.uk said: “Glance at the headline property metrics and anyone could be fooled into thinking that the wider UK economy was booming.

“The reality is that, whilst there are areas showing great improvement and even some showing signs of overheating (Greater London), there are also several very poorly performing regional markets."

Today's Conveyancer