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18 June 2012

Rightmove: asking prices up 1%

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by Gill Montia

Rightmove: asking prices up 1%

The price of new properties coming to market shot up by an average £2,476 (or 1%) in June compared to May, with higher asking prices in London and the South East the main drivers.

However, according to Rightmove, prices are still falling behind inflation in most areas outside London.

At £246,235 the average asking price is currently only 2% higher than in August 2007, the month before the run on Northern Rock, and has fallen 13% in real terms.

In addition, 29,394 sellers a week were coming to market prior to the Jubilee break, the highest new listing run-rate for Rightmove in two years, suggesting that further increases in asking prices are unlikely over the summer.

Rightmove director, Miles Shipside, comments: “While the national average price of property coming to market has set new records in each of the last three months, sellers should not break out the bunting in celebration until they have done their homework.”

He adds: “It remains a very local market ruled by property style and location, and a few minutes study will reveal whether your property is hot or not.”

Meanwhile, estate agents are reporting a two-tier market where those who can afford to price realistically are selling, while those who need to up their price up make a move viable are languishing on the market.

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