Asking prices up just 0.1% in March

| March 15, 2010 | 0 Comments
Asking prices up just 0.1% in March

Property website, Rightmove, has today reported the annual growth in asking prices for residential property in England and Wales for the four weeks to March 6 slowed for the first time in a year.

On an annual basis, growth slowed from 6.1% in February to 5.3% in March, while on a monthly basis, asking prices rose just 0.1% between the four week period compared to 3.2% between January and February. This represented the weakest growth for the month of March for eight years.

According to Rightmove, the average house price currently stands at £229,614, which differs greatly to the Halifax and Nationwide’s recent figures, of £166,857 and £161,320 respectively.

In the meantime, the group said that March experienced the highest new property supply for 18 months.

According to Rightmove, new instructions rose by 34% compared with a year ago and were up 17.5% on the previous month.

This view was also supported by a report last week from the Royal Institution of Chartered Surveyors (Rics).

Last week, the Rics said there appears to be a shift in the housing market after new instructions outpaced enquires from new buyers in February.

In the latter part of 2009, house prices rose as a result of higher demand and a shortage of properties up for sale.

However, it now appears the apparent u-turn in the market may be pushing prices down again after both the Halifax and the Nationwide reported that house prices fell during February, by 1.5% and 1% respectively.

Analysts say it is too soon to say whether this is a temporary setback or the start of a double dip in house prices.

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