House Price Index - May 2018

House asking prices for new-to-the-market properties hit an all time high but sales agreed are down by 5% in comparison to 2017.

We investigated this months Rightmove house price index to see what the UK housing market is doing at the moment. Rightmove is still seeing a record number of visitors to the site which proves a strong property interest throughout the nation.   

New to the market house prices continue to rise and now the national average is at £308,075 which a new record high. In total, seven out of eleven regions in Britain are achieving their highest ever asking prices, with a 4% year on year increase in the West Midlands, East Midlands and Wales regions.

The number of sales agreed by estate agents has fallen by 5.4% so far in 2018, in comparison to the same period in 2017. 

Looking at the North East specifically we have seen that the region is the only place in the UK to experience a drop in average asking prices in May. Currently, the average house price in the North East is £149,810 which is 0.3% less than the previos month but an increase of 0.4% compared to the previous year. At the moment The North East would be an ideal place to buy, both for home buyers or investors looking to expand their portfolios.

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