House prices have gone up by more than £500 per week during March as rich buyers created a mini price rise. Property prices in England and Wales went up 1.1% during the four weeks to April 9 to on average £205,674, so says property website Rightmove.
The property market is characterised by growing demand from buyers as well as a shortage of property on sale. But the main reason behind the price rise was affluent buyer demand, buyers targeting more expensive properties in wealthier locations.
Property cost in England and Wales went up by 1.1% during the four weeks to April 9, upto an average of £205,674.
Rightmove stated that detached properties consistently outperform other property types, with average prices rising 5.7% during the past three months, in contrast to a rise in the property market of 4.8%.
Rightmove warned that in England and Wales as a whole there signs that the initial spring raise has lost some of its momentum. The annual rate of house price inflation decreased for the first time since December during the four weeks to April 9 to 4.1 per cent, down from 4.3 per cent.
