–Rightmove: UK Feb House Asking Prices +3.1% m/m; +0.3% y/y
LONDON (MNI) – New sellers increased their asking prices by 3.1%
to an average of stg230,030 in February, leaving year-on-year prices
virtually unchanged, according to Rightmove’s latest House Price Index
Survey.
After a sharp 3.0% monthly fall in December, Rightmove’s House
Price Index has now risen for two consecutive months. The move up in
prices comes as the number of transactions declines, with sellers
scarce.
Rightmove said the number of new properties coming to market hit a
two year low. Average unsold stock levels per estate agency branch have
fallen for five consecutive months, from a peak of 78 properties per
agency to 69 in the February survey.
Rightmove said that trends seen during the first six weeks of the
new year are a good indicator of how the housing market will develop
over the next year.
“The start of this year is very much a repeat of 2010 and so we
expect 2011 to be characterised by what may well be the new norm, with
the “average” buyer of yesteryear locked out of the market,” Rightmove
said.
“With lenders stating that they expect mortgage lending to remain
static at around 2010 levels throughout 2011, and new seller numbers
practically unchanged year-on-year, what might have been seen as a
passing phase of low transaction levels in the housing market now looks
set to be the norm for the foreseeable future,” Rightmove said.
The Rightmove survey is based on asking prices of properties
recorded by its member estate agents, and are not seasonally adjusted.
Rightmove’s February survey covered 121,635 asking prices, which it
said amount to around 90% of the UK market. The properties were put on
sale by estate agents between Jan 9 and Feb 12.
–London newsroom: 4420 7862 7492; email wwilkes@marketnews.com
[TOPICS: M$B$$$,MABDA$,MABDS$,MT$$$$]
