Rightmove: Asking prices up in March

| March 21, 2011
Rightmove: Asking prices up in March

Property website, Rightmove, has today reported a rise in asking prices in the four week period to March 12.

According to Rightmove, asking prices for residential property in England and Wales grew 0.9% on an annual basis, up from February’s 0.3%.

On a monthly basis, asking prices were up 0.8%, slowing from February’s 3.1% – which represented a 4-month high.

The property website, which claims to advertise 90% of the properties on the market, said the latest asking price rise takes the average price of a home listed on Rightmove to £231,790.

According to Rightmove, today’s figures suggest house-buyers are likely to remain cautious for some time as many are reluctant to purchase a property due to uncertainty surrounding the economy.

Miles Shipside, director of Rightmove, comments: “The falling time on the market and stable spring stock levels would normally point to a healthy housing market. However, this year’s celebrations will be severely muted by the knots the market has found itself tied up in.”

On a positive note, Rightmove highlighted that the average time a property is on the market quickened to 89 days, from 98.

However, it also pointed out that the number of terraced properties coming on to the market is down by 31% since March 2007.

According to Rightmove, terraced houses traditionally appeal to first-time buyers as a starting point on the property ladder, but this group of people remain stuck in rented accommodation as without a substantial deposit, they are unable to secure a mortgage.

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