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House prices soar to five-year high

House prices soar to five-year high

Category: Mortgages

Updated: 18/02/2013
First Published: 18/02/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

New sellers increased their house prices by 2.8% this month, boosting the average property price to £235,741, its highest level recorded during February since the peak of the credit crisis in 2008, according to latest research.

All regions across the UK reported an increase in prices, with levels of activity from buyers and sellers also improving at the beginning of the year.

Seven out of ten people looking to sell their home during February were aged over 45, suggesting that sellers who have acquired equity from previous homes over the years could be the ones to steer the housing market upwards this year.

Just over 20% of prospective buyers in February were classed as first-time buyers.

Miles Shipside, director and housing analyst at Rightmove, which compiled the research, said: "There has been a sprightly start to 2013 and, while market activity remains patchy across locations and property type, some agents are reporting their busiest new year since the onset of the credit-crunch.

"Our research suggests that with age comes experience and, more importantly, equity, and it these old hands that seem most confident to plan a move this year."

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