This week Rightmove the largest property portal in the UK have released figures stating that property asking prices in the south are the highest ever!
The average asking price of a property new on the market is touching £250,000 for the first time, while in London it has soared past the half a million pound mark for the first time.
According to Rightmove, new sellers have bumped up their asking prices by 2.1% over the last month, to stand at £249,841 nine times the average pay packet. The highest asking price previously was last June when it hit £246,235, and before that in May 2008 when it reached £242,500. In Greater London, new asking prices have jumped 3.3% over the last month to £509,860 more than double the national average.
The annual rise across Greater London is 8.6%. The fifth consecutive monthly rise means that overall, national average asking prices are now 5.1% higher than at the start of the year. Rightmove said this was the “strongest price start” to a year since 2004.
This is great news for anyone thinking of starting a property franchise. So far this year at HomeXperts we have had five new HomeXperts franchises who have decided to start an estate agency franchise in the south of the country. With record asking prices, it is certainly a good time to be thinking of starting a new business.
It will be interesting to watch and see what happens to asking prices over the next six months, not only in the south of the country, but across the whole of the UK!