Asking prices up by 5%

A study has raised hopes that the UK property market is going to be more resilient in 2012 after typical asking prices for houses rose by almost 5% in the first three months of the year.

The Rightmove house price index showed the typical property asking price stood at £236,939 in March, up by 4.9% between January and March, and the biggest first-quarter rise in eight years.

Asking prices in London climbed to a new average high of £455,159 – a 7.3% annual rise, with the £2 million average broken in the Kensington and Chelsea region for the first time.

The report stated that overseas buyers were providing a boost, especially for the London market, while monthly price rises for March were recorded in all 10 regions in England and Wales.