House Prices - largest monthly rise for 5 years

House prices in England and Wales continued to rise at a significant rate during the month ending April 7th, according to a new report.

Average asking prices rose by 3.6% (£8,307) last month, the highest monthly percentage
increase recorded since April 2002 (then 4.50%).

Whilst an increase is to be expected with the onset of the Easter home moving season, a unique combination of factors have combined to push average prices to a new record high.
As a result, the annual rate has increased to 15% from 12.2%, back to the level of September 2004.

The average asking price for a property now stands at £236,490. Thant is £30,816 higher than a year ago.

Research by property website Rightmove found that the market saw the annual rate of asking price inflation reach 15 per cent, compared with 12.2 per cent during the previous month.

According to the firm, the rate of growth seen over the course of the last month brought the average house price in the country to £236,490.

Commenting on the trend, Miles Shipside, commercial director at Rightmove, said: "Sellers' asking prices provide one of the earliest indicators of which way the market is headed and whilst a boost is to be expected around Easter, £8,000 in a month is the largest amount we have ever recorded."