The housing market revival continued in August but the West Midlands was among the only regions to see asking prices increase, a property website has reported.
Rightmove said August had seen the first dip in sellers’ asking prices this year so far, down by 1.8 per cent month-on-month to £249,199 on average across the country.
But a string of price increases seen over the last seven months means that they are still £20,000 higher now than at the start of 2013, the website said.
East Anglia and the West Midlands were the only regions to see asking prices increase month-on-month, by 3.1 per cent and 0.2 per cent respectively. The North West saw the biggest monthly fall, at 3.5 per cent, although on an annual basis prices there are up by 0.9 per cent.
London recorded one of the sharpest month-on-month asking price drops, at 2.8 per cent, although asking prices in the English capital are still around 10 per cent higher year-on-year.
In further signs of the market gathering pace, asking prices on flats reached a record high this month at £209,652 typically. Flats are in strong demand due to high numbers of buy-to-let investors looking for decent returns and a recent surge in first-time buyers who are finding it easier to access a mortgage entering the market.