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House prices increase by 3% in February

Monday, 21 February 2011 12:42 PM

New figures have shown that February's property sellers upped their asking prices by an average of three per cent, leaving year-on-year prices almost unchanged.

According to the latest House Price Index from Rightmove, the typical UK sale price is now £230,030 – almost £7,000 higher than January's and up by 0.3 per cent on this time in 2010.

In its report, the property website described a three-tier market in which lenders are courting "bargain-hunting bottom-feeders" and the "low loan-to-value elite", while the average buyer is being shunned.

Miles Shipside, director of the company, said that any hope of transaction volumes being on the rebound had been dashed by predictions that 2011 lending would match the "dire levels" seen last year.

"Mr Average will be left out in the cold in the buying and selling game unless the beneficiary of a hereditary hand-out.

"The current subdued market volumes are set to be the new norm unless the seemingly never-ending discussions between government and mortgage lenders find some way of increasing Mr Average's access to lower-deposit mortgages without pricing them out of the market," he added.

Rightmove measured 1.3 million properties marketed in 2010, compared with just 530,000 mortgages.

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