Though property is in a drought, Rightmove has hope

Listings are still down 4.6% from the average of 2018 but new asking prices aren't dropping to match.

However, Rightmove says that pent-up interest in property is high, with someone contacting one of its agents every second.

It said that asking prices have hit record highs in four UK regions, where new listings are down 0.3% on a year ago. However, elsewhere listings have dropped an average of 6.5%.

The average new asking price is now £308,290, just 0.1% up on this time last year. The average is hugely boosted by London’s average new asking price of £621,589, compared with an average new asking price of £153,752 in the north east.

The portal’s data does show other significant regional variations, with new asking prices in Wales, the west and east midlands, and the north-west of England all up.

Average new asking prices in Wales are up 2.1% annually to £200,386 and have increased by the same percentage to £198,399 in the north-west.

Sellers in the east midlands are also asking more for their properties, increasing asking prices by an average of 2.5% to £228,927, while asking prices for properties in the west midlands have had average increases of 3% to £232,247.

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