UK home prices rise to record amid shortage

London

ASKING prices for UK property climbed to a record in April as a shortage of homes for sale worsened, Rightmove plc said.

The average price rose 1.6 per cent from March to £286,133 (S$575,000), reflecting a 4 per cent plunge in the number of new sellers so far this year compared to 2014, the property website operator said on Monday. Values in London rose 2.5 per cent.

Property price gains are overshadowing other improvements in the cost of living, with data on Friday showing wage gains outstripped inflation for a fifth month. All major political parties have promised to do more to alleviate strains in the housing market with less than three weeks to go before the May 7 general election. "As we approach the election the highest ever cost of housing sets an interesting challenge for political leaders," sai…