The price of an average home in the UK has risen above £200,000 for the first time ever.
Between January 8th and February 12th, the cost of an average home rose by £5,281 to £201,600, the highest monthly increase since April 2004, property website Rightmove reports.
The study of more than 150,000 properties marketed over the month suggests that increasing levels of buyer confidence and a shortage of quality housing stock are pushing up prices.
Annual growth to mid-February was four per cent and estate agents witnessed the highest level of new instructions ever recorded on Rightmove, though there was a fall in the average properties for sale per estate agency branch.
Estate agents claimed that competitively priced properties in areas of limited supply were "flying off the shelves" during the month, with the length of time properties spent on the market dropping from 94 days to 81 days.
Rightmove commercial director Miles Shipside said: "Buyers are back, particularly at the lower end of the market. We believe this will lead to further sales as successful sellers move up the property ladder. However, sellers must not get too ambitious or the recovery could run out of steam as affordability is over-stretched again."To read more Property News, click here.
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