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20 July 2009

Rightmove reports further rise in asking prices

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by Kay Mitchell

Rightmove reports further rise in asking prices

Property website Rightmove believes the housing market has already bottomed out after a further gain in asking prices in June.

According to the organisation, the average asking price in England and Wales rose by 0.6% to £227,864 – up from £226,436 in June – the fifth rise in as many months.

Miles Shipside, commercial director of Rightmove, comments: “There were some fire-sale prices last winter, when a few brave buyers correctly called the bottom of the market. In most parts of the country, prices have consistently improved during spring.”

Rightmove believes the market is improving as falling house prices is enticing many prospective buyers to the market.

Meanwhile, the group has reported a 20% increase in the number of houses for sale on its website and according to Mr Shipside, “The increased confidence and activity is tempting more sellers to test the market”.

In related news today, the Council of Mortgage Lenders (CML) have announced a surge in mortgage lending for the month of June.

Lending reached £12.3 billion for the month, up from £10.5 billion the previous month, according to the CML.

However, the organisation points out that the June rise is attributed to a seasonal increase and the gross lending figure is still 48% lower when compared with June last year.

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