New-to-market vendors dream up prices

Housesellers in the south west of England appear to be immune to property market gloom and are marketing their homes at above pre credit crisis prices.

According to Rightmove, asking prices for properties in the south west rose 1% from April to May, pushing annual growth to 2.4%.

In its latest survey, the property website found that the average asking price in the region has risen to £264,608.

Across England and Wales, new-to-market sellers who are not in financial difficulties are ignoring the fact that the housing market boom has ended, upping prices by 1.2% between April and May.

According to Rightmove, asking prices are now 0.3% above the point at which the market peaked last autumn, and 2.2% higher year-on-year.

The firm’s commercial director, Miles Shipside, warns that vendors need to accept the realities of the market or they could end up losing out in the long run.

While southern regions of the country are still showing year-on-year increases, six out of ten regions of England and Wales are now showing a decrease in asking prices.

In the north west asking prices are 2.5% lower than 12 months ago, with Yorkshire and Humberside, the East Midlands and East Anglia following close behind.

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