Twitter Facebook RSS FEEDS

Biggest jump in asking prices for ten years

Monday, 20 February 2012 9:03 AM

Home sellers increased their asking prices by the highest amount for a decade this month, according to Rightmove.

The property website said the 4.1 per cent increase – the highest seen since April 2002 – was down to a combination of sellers cashing in on scarcity and some evidence of increased market confidence.

Rightmove called the £9,192 increase in the average asking price in February a surprisingly strong uplift given the challenging economic environment.

This was partly fuelled by cash-rich sectors of the market where buyer demand is exceeding the available supply. Prices in London are now within one per cent of their all-time high and new listings are down nine per cent on this time last year.

But Rightmove also highlighted increased availability of mortgage deals, with the number of products with a 10 per cent deposit up by a third on a year ago.

Miles Shipside, director at Rightmove, said: “We're seeing a strong 'spring bounce' in asking prices this year, but the ball is still a lot smaller than it was before the credit crunch as market volumes are constrained.

"The biggest jump in new sellers' asking prices for nearly ten years indicates there is pricing power if you are selling the right type of property in the right place where enough potential buyers have access to funding.

"If your local market does not have those characteristics and your price-pump is based on little more than seasonal optimism and an estate agent's hot air, then be prepared for buyer response to be a let-down."

Want to be the first to know when we break a story? on Twitter and subscribe to our free weekly newsletter.

Related stories

Zoopla.co.uk allows home hunters to sort their property search results by those that have been reduced most in price.

More sellers sticking to their asking prices

Almost £3bn cut from original prices of homes but proportion for sale at a discount has fallen, says Zoopla.co.uk.

 New sellers increased their prices by an average of £3,687 in March alone. Image:Thinkstock

Asking prices rise at fastest rate for eight years

Big question is whether the market bounce will survive the end of the stamp duty holiday, says Rightmove.

Glasgow is the asking price discount capital of the UK.

Asking price discounts hit all-time high

One in three properties on the market have seen reductions in their asking price, says Zoopla.co.uk.

 Almost half of people questioned think that property prices in their local area are above fair and reasonable levels.

Surge in buyers expecting house prices to rise

One in three home movers now expect prices to be higher in a year’s time, says Rightmove.
London is propping up UK house prices. Image:Thinkstock

Asking prices for homes reach new all-time high

National average beats previous high set in May 2008 but London and South West lead market, says Rightmove.

 Estate agent office

Shortage of sellers set to underpin house prices

Estate agents left marketing fewer properties than ever before while demand surges to new high, says Rightmove.
Rightmove expects 1.2 million new sellers in 2012, slightly down on 2011.

Asking prices set to rise two per cent in 2012

Rightmove says shortage of new sellers and low interest rates will underpin market next year.

 The most immediate threat to the market is the Eurozone crisis. Image:Thinkstock

Spring bounce falls flat in housing market

Asking prices failed to rise in May for the first time in 11 years as demand and supply both fall, says Rightmove.
House price boost in October

Property asking prices 'jump by 3%'

UK house sellers employ "bullish pricing" in October, despite poor market conditions.

 Seventy per cent of tenants say the current market favours landlords.

Rent increase expectations now at record high

Six out of ten private tenants expect rent rise as demand outstrips supply, says Rightmove.

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

WowBBQ

WowBBQ Logo
Welcome to the World of Weber. We are the largest independent online Weber BBQ retailer in the United Kingdom. WOWbbq.co.uk is a Weber Partner Store and can give you the best advice for all your Weber BBQ needs.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

A guide to finding the right kitchen sink

When redesigning a kitchen or giving the room a makeover, it is important not to forget about the less obvious aspects of the space. Kitchen sinks are an essential fitting, but often overlooked, despite the fact there is a wide choice of styles available.

Useful tips to help find a flat in London

Looking for flats in London can be a frustrating process, given the capital's size, demand for rental accommodation and varying prices. It is vital, therefore, that you do plenty of research and act quickly to ensure you get the place that you want.

What do you need to consider when buying a mattress?

If you looking for a new mattress, you need to get the decision right, as getting it wrong could impact on your overall health and wellbeing. As well as comfort and size, you also need to consider other points, such as any health issues you may have.