Rightmove: Asking prices up 4.7% year-on-year

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The average UK asking price rose 4.7 per cent year-on-year to £286,133 in April, according to Rightmove.

The annual rate of inflation fell from 5.4 per cent in March but April’s average asking price is the highest on record.

On a monthly basis, asking prices were up 1.6 per cent, a rise of £4,381 in a month.

Rightmove director and housing market analyst Miles Shipside says: “Record high housing demand and an under-supply of homes have delivered a new all-time high in the price of property coming to market in the month before the election.

“The high cost of housing is a big concern for many home-hunters, so the contents of the respective party manifestos and well thought-out sustainable solutions to the lack of affordable housing supply will be high on many voters’ agendas too.

“While the annual rate of price increases may be dropping back, down from 5.4 per cent last month to 4.7 per cent this month, it’s of little comfort to buyers as even more modest increases stretch buyers’ finances into new territory with prices at record average highs.”