The average asking price for fresh-to-the-market homes in Great Britain has jumped 1.5% in March, the largest increase seen at this time of year since 2007, according to a report Monday by Rightmove.
The £4,503 (US$6,273) increase from February to March puts the national average price at £304,504 (US$424,241), a 2.5% rise from the same time last year.
The U.K. property website analyzed prices between Feb. 11 and March 10, a representative told Mansion Global.
Strong demand from buyers and a drop in housing supply in the first two months of the year resulted in the stronger upward pricing, the report said.
Rightmove measured 112,693 properties that entered the market in the last four weeks, down by 5.2% on the same period a year ago, according to the report, adding that some of the drop will be a result of the recent heavy snow in much of the region.
The price increase could be the market catching up after a subdued January and beginning of February, “or an early sign of price pressure building up a real head of steam as we enter the spring market,” said Miles Shipside, Rightmove director and housing market analyst, in the report.
Though sellers need to be mindful that, sooner or later, higher prices tend to mean fewer people can afford to move, which is one of the factors keeping the annual rate of increase subdued at 2.1%, he added.
March has seen new pricing records set in four out of the 11 regions in England, Wales and Scotland which Rightmove includes in their research.
Both the East and West Midlands, along with the North West and Wales saw average prices hit all-time highs, with the latter logging a 6.2% year-on-year rise, according to the report.
The South West saw the highest monthly price rise, rising 2.8% to £302,081 (US$420,865), while the East Midlands, despite hitting a record high of £217,952 (US$303,655), saw the smallest monthly change at 0.1%.
In London, prices rose 0.6% from the previous month, bringing the average ask up to £631,651 (US$880,028). It was the only region to see a price decline (-0.6%) from the prior year.
Follow Mansion Global:Facebook | Twitter | Instagram | LinkedIn | Messenger
Write to us: email@example.com