House prices jump in February, says rightmove

Mortgages and Home

Updated on 20 February 2012 | 17 Comments

Asking prices increase at their fastest monthly rate for a decade as sellers hike prices in high-demand areas, says the property website.

Asking prices for homes in England and Wales have increased at their fastest pace for a decade so far this month, according to property website rightmove.

Prices have risen by 4.1%, having fallen by 0.8% in January, the highest monthly increase rightmove has recorded since April 2002. That’s a 1.4% annual increase and means the average house price in England and Wales, according to rightmove’s House Price Index, is £233,252.

Rightmove said a combination of factors led to the market bouncing back so strongly. Sellers in high demand areas have increased their prices but managed to sell. There is also more mortgage finance available for people with low deposits.

Rightmove has again pointed to the emergence of ‘micro-markets’ within regions, where demand is still high and stock is low. Prices in London are heading towards record levels, with asking rising by 4.3% in the past year. 

There’s a definite north-south divide in rightmove’s report - with asking prices in the West Midlands, East Midlands, Wales, north west and north east falling in the last 12 months. All the regions in the south have seen prices rise overall.

At lovemoney.com, you can research all the best deals yourself using our online mortgage service, or speak directly to a whole-of-market, fee-free lovemoney.com broker. Call 0800 804 8045 or email mortgages@lovemoney.com for more help.

More: Selling homes: How to do it in a slump | How to get a mortgage with a small deposit

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