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House prices up as seller numbers hit 2-year low

Monday, 17 January 2011 9:00 AM

The new year is off to a promising start for Britain's property sellers it seems, with average asking prices up for the first time in three months.

According to the latest Rightmove House Price Index, prices this month increased by 0.3 per cent, after substantial falls amounting to 6.2 per cent in November and December last year.

The report provides some early indicators of potential buyer and seller activity, giving positive insights into the property market patterns that may emerge in 2011.

In January, the numbers of new sellers and homes for sale slumped to their lowest level in two years, which analysts expect to assist an upward trend in asking prices for the months ahead.

Miles Shipside, director of Rightmove, commented: "The opening skirmish in the 2011 price battle looks to be going marginally in favour of scarcer sellers, especially in locations preferred by tooled-up cash buyers or those packing a hefty deposit.

"With the number of new sellers at a two-year record low, prices are being underpinned by muted new supply just managing to fight off the downsides of lender reticence," he added.

However, Shipside went on to say that the "smokescreen of new year price optimism" was temporarily masking the collateral damage that tighter credit would continue to inflict.

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