Rightmove: asking prices up 3%

| February 21, 2011
”Rightmove:

House sellers coming to market in February increased asking prices by 3.1%, compared with January, Rightmove reports.

The typical home is currently for sale at £230,030 or 0.3% more than this time last year, but the bulk of vendors could face disappointment in today’s “three-tier” market.

The property portal warns that lenders are focused on “bargain-hunting bottom-feeders” and the “low-loan to value elite”, leaving Mr Average out in the cold.

Having marketed 1.3 million properties in 2010 against only 530,000 mortgages, Rightmove is expecting prices and volumes to remain flat in 2011, which may see a rise “desperate” housing solutions, including “limbo-landlords”.

Meanwhile, a leading economic forecaster is warning that the UK housing market is heading for a “double-dip”.

According to Global Economics, spending cuts, higher interest rates and rising unemployment will reverse the recovery.

The consultancy’s property specialist, Paul Diggle, comments: “Prices are trending slowly downwards at the moment, but our view is that this is really the start of the second leg of the correction, and we expect prices to fall significantly further.”

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