Rightmove’s average asking price up 0.6%

| July 20, 2009
Rightmove's average asking price up 0.6%

Rightmove has reported a 0.6% rise in asking prices in July, taking the average vendor’s ambitions to £227,864.

The property portal therefore suggests that given June’s slight fall of 0.4%, the UK housing market could remain in a “steady state” during the second half of 2009.

According to the firm, the best time to pick up a bargain may have passed already, with a “price undershoot” at the end of 2008 that appears to have rectified itself this spring.

The firm’s commercial director, Miles Shipside, comments: “There is now clear evidence that there were some fire-sale prices last winter, when a few brave buyers correctly called the bottom of the market.”

Furthermore, buyer activity on Rightmove’s website has not seen the normal June and July tail-off, with the number of pages viewed remaining at 97% of its spring high, compared to 79% in the same period of 2008.

July has also seen the number of new sellers at its highest so far this year, at 21,364.

While the figure is still well below the historic norm of around 35,000, it represents a 20% increase on the same period of 2008.

However, Mr Shipside cautions: “Many properties sold so far this year have been empty, and therefore their sellers have lower price expectations. This new batch of more discretionary sellers will be under less financial pressure to negotiate, but must accept that their buyer will be looking to do a deal as much as they are.”

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