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Property asking prices 'jump by 3%'

Monday, 18 October 2010 4:00 PM

Asking prices for UK property have risen by a surprising three per cent during October, new research shows.

The average home for sale has seen an increase in price of just over £7,000, according to property website Rightmove.

For the past three months, the housing market suffered falling prices and the number of homes on the market is remaining close to an all-time high.

The research indicates that sellers are refusing to adjust to these new market conditions.

Rightmove explained that "bullish pricing" is typical of the autumn property market and vendors often struggle to react to both new stock and market changes.

The property portal also indicated that many sellers are likely to be disappointed as evidence shows that high prices can damage chances of selling the property.

Miles Shipside, director of Rightmove, said: "It is a sign that many sellers are not experiencing high levels of financial stress but can't afford to accept a lower price if they are to make their sums stack up for the next move."

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