House prices in region '˜increase by more than £5,800'

Statistics released by the property website, Rightmove, show that the average housing price in the region climbed by 3.3 per cent from £174,585 in April last year to £180,407 this month.

The amount has also increased £2,705 in the region since only last month, the figures show.

According to a report by the website, asking prices hit a new record high of more than £313,000 across England and Wales, with the average price tag on a property being put on the market increased by £3,547 or 1.1 per cent month-on-month.

It said that this surpasses a previous high of £310,471 reached in June 2016.

Strong numbers of house sales being agreed – at levels not seen since before the credit crunch – have helped to keep pushing asking prices upwards, Rightmove said.

Miles Shipside, a director of Rightmove, said there are signs of a “strong spring market”, which should help to offset any jitters in the market ahead of the General Election on June 8.

The first-time buyer sector of the market is driving the price increases, Rightmove said.

Asking prices in this market are up by 6.5 per cent year-on-year, with the typical price tag on a first-time property – one with up to two bedrooms – now standing at a record high of £194,881.

Mr Shipside said: “Strong buyer activity this month has led to 10 per cent higher numbers of sales agreed than in the same period in 2016.

“This large year-on-year 
disparity should be viewed cautiously as the comparable 
timespan in 2016 saw a drop in buy-to-let activity with the 
additional second home stamp duty.”

He added: “With the growth in household numbers and new-build supply struggling to keep pace, demand is strong and has led to the highest sales agreed numbers at this time of year since the heady pre-credit crunch levels.”

Rightmove said the annual pace of asking price growth generally has slowed, and is now at its lowest for four years.

In Greater London, asking prices are down by 1.5 per cent annually, at £636,777 on average.

And in the North-East, they have dipped by 0.7 per cent annually and now stand at an average of £150,350.