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Rightmove: Asking prices up in June

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by Kay Mitchell

Property website, Rightmove, has today reported a rise in asking prices for the month of June – the sixth consecutive month of growth.

According to Rightmove, asking prices for residential property in England and Wales grew 0.6% in June after a 1.3% increase in May.

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 £240,394 – the highest since May 2008.

Asking prices for properties coming on to the market are 8.1% higher than at the start of the year but the website is predicting that prices will fall 7% over the remainder of 2011.

Miles Shipside, director of Rightmove, comments: “While we expect new sellers to have to drop their prices over the remainder of the year, we now believe that they will end 2011 slightly higher than they began it.”

In the meantime, Rightmove noted that there is a high level of unsold properties on the market with an average 78 properties at each estate agency.

The figure was 69 back in January and continues to rise steadily.

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News posted: June 20, 2011

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