Rightmove: Asking prices up in September


Property website, Rightmove, has today reported a slight rise in asking prices for the month of September.

According to Rightmove, asking prices for residential property in England and Wales rose 0.7% (or an average £1,596) in September.

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 £233,139.

In a statement, Rightmove said: “Agents report that one of the reasons why the market lacks momentum is that prospective buyers do not feel any urgency to make an offer and conclude a purchase.”

Rightmove highlights that that the housing market is still subdued and said there is only a 1.2% increase in the number of properties on the market compared with three years ago.

However, the website points out that those wanting to be in a new home before Christmas need to make an offer immediately since the average time taken to complete a transaction is approximately 94 days and there are 98 days until Christmas.

In the meantime, Rightmove highlights the first-time buyer stamp duty relief ends on 25 March 2012 and it is hoped that this will boost activity within the market.

Recent figures from the Council of Mortgage Lenders (CML) suggest first-time buyers have to put down an average deposit of 20% in order to secure a mortgage.

With house prices edging higher for the year to date, the average new mortgage has gone back up to £120,000, the CML said, meaning affordability remains a major issue for first-time buyers.

Meanwhile, many reports point to a subdued market after last week the Royal Institution of Chartered Surveyors (Rics) reported that the UK housing market remained weak in August with house prices falling further.

According to the Institution, homeowners remain reluctant to put their properties up for sale, while buyers continue to struggle to secure a mortgage and remain uncertain about the economic climate.

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