|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    17th of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Property News feed Property News

All Financial News feed All Financial News

Rightmove pleads for smart asking prices

Bookmark and Share

by Gill Montia
Rightmove pleads for smart asking prices

Rightmove has reported that the average asking price for a home in England and Wales was down an annual 9% over the four week to the 7th March.

New listings for the period fell 57% year-on-year, to 79,000.

However, the property website found that in March, the average asking price for a home rose 0.9% on February, to £218,081.

London led the trend with asking prices increasing by an average 2.9%, to £399,867.

Traditionally, house prices increase during the spring and according to Rightmove, this month’s rise of less than one per cent reflects continued restricted mortgage lending.

With house price falls expected to continue throughout 2009, the firm warns vendors that initially overpricing a property risks a heavy loss later, as buyer interest is centred on properties priced at around 25% below peak levels.

The company repeats its advice of a year ago, when it urged sellers to “get smart” and avoid chasing prices down in a deteriorating market.

The website’s commercial director, Miles Shipside, explains that vendors who heeded this advice “may well have sold at half the discount that those who over-priced are now facing”.

Rightmove also found that in February / March, interest from potential buyers continued to rise with enquiries soaring 120% on this time last year.

Discuss this in the Finance Markets forums

Story link: Rightmove pleads for smart asking prices

News posted: March 17, 2009

Financial Services:

Related financial stories to: Rightmove pleads for smart asking prices:
Previous: «
Next: »

Visited 3537 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: , , , ,