Rightmove: UK house prices up 3.6 percent in May

Nathan Andrada – Fourth Estate Cooperative Contributor

London, England, United Kingdom (4E) – House prices in the UK jumped to a new record high for a third consecutive month in May, as demand continues to outpace the supply of homes advertised for sale particularly in the London area and the south east.

The average asking price for homes for sale rose 3.6 percent — the largest percentage gain since April 2002 — or 9,409 British pounds ($15,813) to a new record high of 272,003 British pounds, according to a statement on the website of online estate agency Rightmove on Monday. Prices were up 8.9 percent from a year ago.

Average asking prices posted a 2.6 percent monthly gain in April and an annual rise of 7.3 percent, based on data from Rightmove’s property portal.

Until supply increases significantly, prices are likely to go up further.

Asking prices in the London property market also climbed to a record 592,763 British pounds, an increase of almost 20,000 British pounds from April, the statement showed.

Monday’s results come after positive interim reports from several UK home builders over the past two weeks.

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