An upward spring in property prices

This spring has seen a mini-property revival across the UK, with the highest-ever asking prices recorded for the month of March.

The average price of newly marketed properties was £239,710 – up by 1.7 per cent on February and £55 higher than the previous March record set in 2008 – just before the global financial crash. 

The Bank of England’s Funding for Lending Scheme is thought to be largely responsible for the upturn. The increased cash flow has increased the number of mortgages available by around a third. With products such as a five-year fixed rate home loan now available with interest of just 2.7%. 

Housebuilders, particularly in London, have also launched a number of initiatives to help buyers, with many developments now being fully snapped up before they are even completed.  

There is also increasing evidence of Britons once more looking to buy properties to rent out, hoping that this will offer a better return on their money than the bank.

The study, carried out by estate agent website Rightmove, also suggests that properties are selling more quickly than before, with the average being 80 days on the market, compared to 90 days the year before.  

“There is now a bedrock upon which confidence and momentum appear to building,” Rightmove director Miles Shipside told the Daily Mail.

However, not everyone sees this as good news, despite all the schemes and initiatives in place, rising prices may mean that many potential first-time buyers are resigned to renting for longer periods.

Richard Anthony

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