Asking prices top £300,000 for first time

The average price of a property coming to market in England and Wales has passed £300,000 for the first time.

Asking prices have jumped £100,000 on average since March 2006, rising from £200,980 to £303,190 today.

This marks a 50% increase in just 10 years, posing further challenges for first-time buyers and those trading up.

Over the same period, average wage growth was just 22%, worsening affordability constraints.

Prices have been driven by soaring demand and tight supply, according to new research from Rightmove published today.

Its figures show that prices jumped 1.3% in March, the second-highest for this month since the 2008 credit crunch.

Housing market momentum is spreading north and west with six out of 10 regions setting record price highs this month.

London no longer leads the pack as prices stand still.

Rightmove director Miles Shipside said: “On average 30,000 properties have come to market each week over the past month, up by 3% on this time last year, but there are insufficient numbers of newly listed properties in many parts of the country to meet demand.

“Visits to the Rightmove website are up by 14% year-on-year, so it’s no surprise that those buyers who can borrow more or find some extra cash are keeping the price merry-go-round spinning, even though increasing numbers of aspiring home-movers cannot afford the ride.”