Property asking prices fall but signs of recovery emerge

Thus far in April, asking prices have fallen by an annual 7.3 percent according to Rightmove.co.uk and is the smallest drop since January.

In addition to an annual 9 percent fall in March, it seems as though asking prices and, in turn, house prices are beginning to level out as credit is becoming more readily available.

Despite this, there is still a big gap between the asking price and the eventual selling price, which means it is still a buyer’s market in the property sector.

However, this is partly due to the fact that many properties are still being listed for sale at unrealistic prices, according to the property website.

Although many sellers are still overly optimistic, it is still a positive sign that there is increasing confidence in the marketplace.

Unusually it was Londoners who saw the price of their homes fall an average by 3.2 percent and was the only region to show a fall.

In February the number of homes bought increased by 4 percent from the previous month as the Council of Mortgage Lenders announced that the number of mortgage applications, completed by banks and building societies, was up from 23,400 in January to 24,300 mortgages.

This news was supplemented by the information released by the British Bankers’ Association who have revealed that mortgage approvals are up for the third consecutive month.

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