Sellers pushing property prices higher

Posted: 21/03/2014

According to the latest figures produced by Rightmove the asking price of a property that is being recently put on the market has risen by 3.3% month on month. Last month there was an £8,103 rise on property prices asking prices which has now created an average asking price of £251,964. Compared to last year the price has risen by a huge 6.9% or £16,223 and this is the highest annual rise in over six years.

Listings have risen by 18% compared to this time last year on the Real Estate website but this still isn’t enough to supply the demand of properties being taken off the market. Rightmove reports that they 10 busiest days were January this year with a massive 50 million property pages a day for the first time ever.

The data collected also shows that there has been 27,768 new listings weekly over the past four weeks compared to 23,607 over the same period in 2013.This is the highest weekly listings rate since the same season in 2008.

The demand for properties is the greatest in the South but properties coming onto the market are also the scarcest. London’s figure is 15%, the South East’s figure Is 13% and the South West’s figure is 10% which are all below the national average of 18%.

What do you make of the current property market? Do you think it is a step in the right direction or do you think the ever increasing asking prices could make for a stagnant market when properties become too expensive to buy?

Amanda McGovern, Pali Ltd

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(0) Comments property, properties, housing market, estate agent

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