Record price rises for UK homes

Asking prices for UK homes rose for two consecutive months in April and May to reach a record high that overtook the previous peak by £3,200, according to a new study.

The summertime high smashed the record for average asking prices set in November 2011 with UK prime asking prices averaging £478,797 in PrimeLocation.com’s recent Prime Index.

It found that the average price of a prime platinum property has rose to an average of £660,902, representing an annual increase of 4.5 per cent.

The south-east of England experienced some of the most significant price rises with gains of 1.1 per cent. As the region is a popular location for holidaymakers, homeowners may wish to take advantage of the increasing desirability of properties in the area by renting out their house or cottage to visitors through a specialist cottage rentals agent. The rise in value may also represent an opportunity for property investors to buy houses or cottages and let them out at a profitable rate, whether as a long-term let or as a holiday let.

Prime Index statistics also revealed that the east of England has recovered from an extended period of lowered prices, with gains of 2.5 per cent in April and May. The area is a popular location for those who need to commute to the capital.