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21 June 2010

Asking prices surge in June, say Rightmove

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by Kay Mitchell

Asking prices surge in June, say Rightmove

Property website, Rightmove, has today reported the annual growth in asking prices for residential property in England and Wales for June surged by 5%, but the group issued caution about the fortunes of the housing market.

On a monthly basis, asking prices rose by 0.3% in June compared to 0.7% the previous month with the average house price currently standing at £237,767, according to Rightmove.

However, it has suggested that the past year’s rise in house prices may be losing momentum.

According to Miles Shipside, Rightmove’s commercial director, the ongoing lack of mortgage availability, together with the surge in new instructions following the scrapping of Home Information Packs (Hips) look set to “put an end to this year’s recovery in house prices.”

Mr Shipside added: ”It is an unfortunate concatenation of events that disrupts what was sort of passing as normal service, where investor appetite provided an uneasy balance to the first time buyer-starved market.”

Rightmove said there are currently 56% more homes on the market than at this stage last year with the London experiencing an 88% surge. However, the lack of properties for sale last year was seen as one of the main factors supporting the house price recovery.

In the meantime, asking prices in London (a market which is more affected by foreign buyers and financial sector cash bonuses) rose by 2.2% during the month, while the North West saw asking prices rise by 1.5%.

However, asking prices were down by 3.3% in the West Midlands and fell by 1.6% in Yorkshire and Humberside.

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