Speaking as the latest house price index by property website Rightmove revealed average property prices had risen 7.3 per cent since April 2013, the director of Legal & General Mortgage Club said he was “concerned” that too many people were being priced out of the market.
Rightmove’s house price index revealed that asking prices in all four southern regions this month were at their highest since October 2007.
The average asking price rose 2.6 per cent between March and April, to £262,594. Northern regions still lagged behind, remaining an average of 6 per cent behind October 2007 levels.
Mr Duncombe said: “More properties need to be built. Having a good supply of properties across the country will help to meet demand and keep prices at more sustainable levels.”
Adviser view
David Pye, principal of Scotland-based Meldon Independent, said: “I am in one of the lowest wage areas in the UK, so it is a real problem for first-time buyers, who are simply don’t have the income multiples or deposits. It is a problem for the market as a whole.”
