Britain’s house prices increased by 10%

Based on a report, the average asking price for properties in the UK has increased by 10per cent in five months.

12:10 22 May 2013

Rightmove has reported that there is now an increasing demand for UK houses, pushing the prices up by up to 10per cent. Based on the website’s study, the average price is now at £249,841.

Meanwhile, asking prices in London have set records after it surged past the half a million pound milestone. This is 8.6per cent higher compared to last year.

Meanwhile, England and Wales saw a price increase of 4.2per cent month-on-month pushing the asking prices to £152,689.

On the other hand, Humberside and Yorkshire asking prices have declined by 1.1per cent and 0.6per cent respectively compared to last year. Prices in Wales increased by 1per cent to an average price of £171,824.

According to the website, this has been the strongest start to the year since 2004 in terms of asking prices. Across the country, the average price increase is 9.1per cent or more than £20,000 in 2013.

With the increase in prices, it means that buyers must earn more than £62,000 in order to afford the house. This is two times the UK’s average salary.