Panicked sellers hike prices bringing a raft of high-value properties come to market, pushing up asking prices, Home.co.uk research has shown.
City workers cashing in on their investments were pinpointed by the firm’s Asking Price Index Report as key drivers of this national trend, with the impact particularly being felt within Greater London.
Indeed 23 per cent of the current stock up for sale in Greater London was rushed to market in the last 14 days.
This has had a significant impact on both the average asking price in the region, which has risen by 3.4 per cent since February to £361,414, and on a wider scale in England and Wales – pushing it up by 1.4 per cent. The average asking price in England and Wales in now £259,026.
The increasingly uncertain economic outlook, driven by fluctuations within the financial markets over the last month and the threat of redundancy, has led a number of investors to cut their losses with the hope of selling up before the Chancellor’s changes to capital gains tax legislation take effect.