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Asking prices set to rise two per cent in 2012

Monday, 19 December 2011 10:19 AM

Average UK asking prices will rise by two per cent in 2012 following a "surprising" 1.5 per cent rise in 2011, according to Rightmove.

The property website said prices next year would be underpinned by a shortage of people putting their property up for sale. It expects 1.2 million new sellers, down slightly on 2011 and down by a third on 2007.

With mortgage availability limited and low interest rates restricting repossessions the number of transactions will stay at low 2011 levels, it said.

December saw asking prices fall 2.7 per cent following a 3.1 per cent decline in November. That meant a 1.5 per cent rise in 2011 as a whole, which Rightmove called "a surprising performance given the challenging market".

However, with inflation at 5.2 per cent that meant a fall of nearly four per cent in real terms and economic uncertainty would persist into next year.

The firm said the key to buying and selling success in 2012 could lie in understanding how the impact of the credit crunch has fragmented the market.

Miles Shipside, director of Rightmove, said: "As always it involves location, but the number of mortgage-ready buyers you can attract is now dictated by the type and size of property that you are selling.

"With all but the most appealing properties, pitching at too high a price and waiting for offers is a route to stagnation."

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