Rightmove Survey Shows Modest Increase in Asking Prices
The latest Rightmove House Price Index survey shows a modest monthly increase as average asking prices rose by just 0.6% (£1,473) on the previous month. In London, asking prices have fallen for the first time since August 2006 as prices in the capital start to cool and sellers realign their asking prices as affordability limts are reached.Rightmove comments that the new survey shows house prices increasing more in line with wage inflation for the foreseeable future.
4 regions of the country have shown actual decreases in asking prices - London, the South West, West Midlands and the North.
Miles Shipside of Rightmove commented: "This is the first time for over a year and a half that we have seen four consecutive months of such modest increases. This much slower rate is consistent with prices and the market starting to adjust to the increased costs of home ownership. It finally paves the way for a return to a sustainable market without the need for further interest rate rises, though many buyers will still face affordability problems."
A further indication of a slowing market is the average length of time a property spends on the market, which has increased from 80 to 85 days. Further tightening of credit and economic uncertainty could swing the balance of power further from sellers to buyers over the coming months.
If you are finding it difficult to sell your property in the current climate, call Quick Move Now - we can help.
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