17 May 2010

According to a recent study* asking prices rose, albeit slightly, in May by 0.7%, compared with 2.6% growth the previous month. The annual growth in asking price for residential property in England and Wales has decreased from 6% to 4.3% for May.

The report suggests that the average house price currently stands at £215,761 which is an increase of 1.8% from May last year. These recent figures indicate that the past year’s rise in house prices may be slowing down.

Rightmove’s commercial director, Miles Shipside, commented: “Sellers are starting to reduce their pricing expectations to court the fewer buyers who are able to proceed, though the number of buyers who can purchase is too low to bring volume back to the housing market.”

However, the survey also highlights that the week prior to the General Election saw the highest number of new sellers entering the UK property market since June 2008. This suggests that the election did not deter sellers from the market, as many had predicted it would.

  *  Study by Rightmove

Source; Homemove.co.uk


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