Asking prices up 4.1% in January on year

Permalink: Asking prices up 4.1% in January on year
by Kay Murchie

Property website, Rightmove, has reported a rise in asking prices in England and Wales in the five weeks to January 9.

The website said due to a shortage of homes on the market, asking prices were pushed up to an annual 4.1% in January.

Meanwhile, asking prices rose 0.4% during the five week period on a month-by-month basis taking the average property to £222,261.

The group said buyer interest was rising and search activity on its website reached a record high in the first full week of the year with 157.4 million pages viewed - a rise of 26% compared with a year ago.

Miles Shipside, Rightmove’s commercial director, comments: “The rise in asking prices is an early indicator that new sellers in 2010 have the confidence to try for a higher price.”

Rightmove believes that prices will continue to rise - at least for the short-term - since the stock of homes for sale is currently at its lowest level in a decade.

In the meantime, the average estate agency branch now has just over 60 properties on its books, the lowest level in two years.

However, the group points out that this is due to a number of estate agency branches closing during the period as a result of the housing market collapse.