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18 April 2011

Rightmove: April rise in asking prices “misplaced”

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by Gill Montia

Rightmove: April rise in asking prices

Estate agents have seen the biggest increase in unsold stock since 2007, with the number of homes languishing unsold on their books rising to 74 per branch in April, according to Rightmove.

A surge in the number of properties coming to market is not being matched by the potential purchaser’s ability to buy, and the property portal concludes that this month’s 1.7% jump in the average asking price is “misplaced”.

A weekly average of 28,390 properties have been flooding onto Rightmove’s website, representing an increase of 9% on a year ago and up 28% on April 2009.

The firm also reports that national average asking prices are now 6% (£13,412) higher than at the start of the year.

London alone remains the exception, as buyer demand in the Capital pushes the typical asking prices to a new record of £431,013.

Rightmove director, Miles Shipside, says: “Our statistics and analyses indicate that the tough selling environment that the less wealthy areas are currently experiencing is likely to deteriorate further in the latter part of 2011.”

He adds: “In these areas the spring moving season offers the best opportunity for sellers to achieve success if they embrace ‘serious sales’ tactics”.

These include: undercutting the price of similar properties for sale; promoting the extra benefits of a property and transforming homes into into immaculately prepared and presented “gems”.

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