property prices reach record high in May

The average price of property coming to market in May has reached a new record high of nearly £373,000 according to Rightmove’s House Price Index.

The 1.8 per cent monthly increase is the biggest of the year so far and eclipses the historic average May rise of 1 per cent. The increase continues the upward trend which saw a rise in April of 0.5 per cent.

West Yorkshire experienced a monthly increase of 0.8 per cent with the average asking price standing at £246, 731, up 5.7 per cent year on year.

The upbeat figures indicate an increased confidence in pricing from sellers to a market which is preforming significantly better than the gloomy predictions at the start of the year, according to Tim Bannister of Rightmove.

“This month’s strong jump in new seller asking prices looks like a belated reaction and a sign of increasing confidence from sellers, as we would usually see such a big monthly increase earlier in the spring season,” he said.

“More discretionary sellers at the top-end may be prepared to price high and wait for the right buyer, and whilst it is positive that they appear to feel no financial pressure, the data suggests that some sellers in this sector will need to price more competitively if they want to find a buyer in the current market.”

Ben Furnell of Furnell Residential said: “Whilst the latest figures are good news we are finding that the market is very price sensitive and it is those properties that are most accurately priced and reflect current market conditions which are creating the most interest and attracting buyers.

“Our understanding of the local area and current market forces allows us to provide our vendors with the very best advice to facilitate a successful sale.”

Furnell Residential is a family owned estate agency covering North Leeds, Wetherby, York, Harrogate and surrounding areas.