House prices rise by £2,623 in just one month as average house price reaches £309,122
The north has become a "sellers' market", while buyers hold the upper hand in the south of England
HOUSE prices have rocketed to near-record levels this month after buyers came back with a bang following Brexit.
Property website Rightmove reports that house costs have risen by £2,623 in just one month - sending prices soaring to £309,122 for an average home in England and Wales.
It was a growth of 0.9 per cent after back-to-back increases in September and October.
The spike followed a dip in July and August when anxious buyers held back in the weeks leading up to the EU referendum.
But a new-found confidence has encouraged buyers to trust in the market again.
Now, average house prices are just £1,349 short of the record set in June of this year.
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The property experts Rightmove have also revealed a North/South divide this week.
They say Wales and northern England have become a "sellers' market", while buyers hold the upper hand in southern England.
Miles Shipside, director of Rightmove, said estate agents in the northern half of the country reported a quiet week or two after the Brexit vote - but most then saw a quick return to good levels of buyer enquiries and sales agreed.
Now home-owners are enjoying a Brexit boom with house prices stable and mortgages cheaper than ever.
He added: "In contrast many in the southern regions saw more prolonged hesitancy among buyers, with it taking until September before a marked pick-up in activity."
Combining the housing market in Wales together with the North of England and the Midlands, the number of homes on the market is down by 11 per cent compared with a year ago.
Ultimately this means there are more sellers, but they have less choice.
This has been good news for sellers who now have the confidence to ask for higher prices and hold out for their asking price.
And it looks like it's working as the number of sales agreed rose by three per cent compared to the same period a year ago.
Buyers need enticing by an attractive price or by properties with special finish or appeal.
Miles Shipside
Meanwhile, the supply of available homes across southern England is up by 16 per cent compared with a year ago - meaning some buyers may be able to take their time.
Mr Shipside said: "This increase in the number of properties up for sale should not be misinterpreted as a glut of unsold property, but rather as an increase from the very low number of properties that agents have had on their books in the last few fast-selling years.
"While there is still underlying high demand in mass-market sectors, some find that affordability has become over-stretched while others judge that prices have risen beyond their true value.
"While many properties are still selling, in market sectors where there is now a lot more choice, buyers need enticing by an attractive price or by properties with special finish or appeal."
In Wales, asking prices increased by 0.6 per cent month on month, taking them to £178,178 on average.
The South West and the North East were the only regions to see asking prices fall month on month, with decreases of 0.8 per cent and 1.8 per cent respectively.
London saw the biggest monthly increase in asking prices, with a 2.4 per cent increase taking the average price tag there to £645,833.
In Kensington and Chelsea, asking prices have jumped by 13 per cent over the last month alone - taking the average price tag on a property there to £2,328,422.
However, asking prices in Kensington and Chelsea are still 6.6 per cent down on a year ago, when they were at just under £2.5million.
James Court, director at Readings Property Group in Leicester, said there have been strong sales and a shortage of new properties to replace them.
He added: "Typically, we have a choice of buyers for each property. So you need to have sold to secure your next purchase."
Richard Jones, a partner at Marriotts Estate Agents in Nottingham, said: "If the right house in the right area at the right price comes onto the market it's gone within days, either getting very close to the asking price or achieving over."
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