ASKING prices for homes have rocketed across much of the UK.

Led by the Midlands, Wales, and the North of England, price-tags are rising strongly. However, they are falling in London and the South-East, the latest index report shows. Topping annual growth in the year to March 2018 was the East Midlands.

There is year-on-year growth of 5.3 per cent in this region, taking the average asking price there to £228,974. This was followed by growth of 5.1 per cent in Wales to £196,561, the Home.co.uk Asking Price Index report shows.

There was also strong annual growth of 4.8 per cent in the West Midlands taking the average asking price to £240,211, a rise of 4.2 per cent in the North-West to £198,082 and a rise of 4.1 per cent in Yorkshire and Humber to £191,935. This means that nationwide, there was a rise of 1.3 per cent to an average of £306,724.

However, in Greater London the average asking prices fell by 2.3 per cent year-on-year to £531,337. There was also a fall in the South East of England, down 0.4 per cent to £399,315.

Doug Shephard, Home.co.uk director, said that supplies in London and the South East have risen to near seven-year highs and this “worrying” trend shows no sign of slowing. However, he does not see prices bottoming out in London in the near term.

“Basic economics would suggest that demand must rise or supply must stop growing,” he said. “Since demand is allied very closely to mortgage interest rates, it’s hard to imagine that aspect improving.”

Month-on-month, the strongest growth was a rise of one per cent in Wales, followed by 0.7 per cent in the North West and a rise of 0.6 per cent in Yorkshire and Humber, the West Midlands and the South West.

On a monthly basis, asking price fell by 0.4 per cent in the South East and by 0.1 per cent in London, while they were unchanged in Scotland.

The supply of homes has fallen in Wales, Scotland and the North East, down by five per cent, two per cent and four per cent respectively.