The average asking price of residential property coming onto market has jumped 1.3% to a new record of £307,033.

This increase of £3843 has been driven by activity at the top end of the property market, according to one online listings site.

Rightmove reports that Chancellor George Osborne’s announcement of the April buy-to-let stamp duty deadline created momentum that had the knock-on effect of energising the higher sectors of the market.

Upwards price pressure has moved into the typical second-stepper sector (three or four bedrooms excluding four bedroom detached properties) with asking prices up by 0.6% per cent in April when compared with the previous month.

The top of the ladder sector (four bedroom detached and five bedrooms or more) has seen the biggest increase this month, up by 1.9% (£9,970).

On the other hand, asking prices for homes favoured by first-time buyers and buy-to let investors have dipped 1.4% in April when compared with the previous month.

At £671,176, average asking prices for all residential properties in Merton are 12% higher than April 2015 but 0.8% lower than March 2016 when vendors who put their homes on the market were asking for an average of £676,408.

However, Rightmove says the annual rate of increase for this sector of the market remains the lowest at 5.1%.

Rightmove director Miles Shipside comments: “While some felt there would be a stampede of existing landlords selling to other landlords, these figures indicate that many of those who sold during the buy-to-let rush were first-time sellers looking to trade up. They used the heightened demand from investors competing fiercely with first-time buyers to springboard themselves onto the next rung of the housing ladder.”

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About the author

Nicolas Holmes

Nick joined Robert Holmes to inject fresh ideas and help grow the New Homes department of Robert Holmes as well as helping to inject technology into the business and to grow its client base. Together with one of the Directors Nick is in charge of all Development opportunities that Robert Holmes deals with along with sales. Aged 40, he provides succession together with the two existing directors. Nick has always been focused on building client relationships and sales. He built up his own gallery in Chelsea, where he had a loyal following of customers and artists.

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