Rightmove reports that sellers asking prices in England and Wales have ended the year nearly £20,000 higher than when 2015 started and predicts that in a year’s time average asking prices will be another £17,000 higher, as the “stark imbalance” between housing supply and demand continues to push property values to record highs.
Rightmove’s figures show UK sellers are now demanding £289,452 on average. This is £19,975 higher than the typical asking price in December 2014 of £269,477.
The increase predicted by Rightmove would push the UK average property price well over the £300,000 mark by the end of 2016. Rightmove said young professionals may give up on London and instead head for vibrant cities such as Manchester, Leeds and Edinburgh.