Property prices reach record high

Property asking prices reached a record high of nearly £256,000 in March, according to the website Rightmove.

It says the average asking price in England and Wales rose by £16,251 over the past year – or by almost 7%.

In London the average asking price rose by 11.3% over the past year to a record £552,000 – and Rightmove director and analyst Miles Shipside said many sellers were achieving those prices because demand was outstripping supply.

He also told BBC News that estate agents were hoping for a change to the stamp duty threshold and a lowering of the Help to Buy cap.