The average asking price for a home in the United Kingdom has reached a new high of £333,564 for the first time.
The average asking price of homes coming on to the UK property market hit a high of a third of a million pounds in May, according to figures from the listings website Rightmove.
The average asking price has increased by 1.8%, or £5,767, over the past month to £333,564, the website said, with an “unexpected mini-boom” that started last year continuing well into 2021.
The property market has been buoyed up by the stamp duty holiday, which was launched last summer and is being phased out in England and Northern Ireland in two stages starting at the end of June. At that point the current starting threshold of £500,000 will fall to £250,000, except for first-time buyers.
Demand for large homes has also increased in a “race for space” as people have adjusted their lifestyles during the pandemic.
An imbalance between supply and demand in some areas of the country has put pressure on stock and allowed sellers to ask higher prices for their homes.
