–Rightmove: UK Jan House Asking Prices +3.0% m/m; +0.4% y/y
–Rightmove: House Asking Prices Turn Positive
–Rightmove: Number Of Sellers Drops To 2yr Low
LONDON (MNI) – A shortage of properties coming on to the market
halted a two-month downward trend in UK house asking prices in January,
according to Rightmove’s latest House Price Index Survey.
Despite a sharp 3.0% monthly fall in December, Rightmove’s House
Price Index found asking prices rose 0.3% on the January as the number
of properties coming on to the market fell to its lowest level since
January 2009.
Prices increased by 0.4% on the year for the second consecutive
month.
Rightmove said the scarcity of sellers could lead to prices rising
over the next three months.
“New stock levels this month are at a two year low, and we expect
this lack of property coming to market to assist an upward trend in new
sellers’ average asking prices for the next three months as it coincides
with the run in to the spring moving season,” Rightmove said.
But Rightmove Director Miles Shipside said that the New Year price
optimism may not last long as Britain in the new era of tighter lending
conditions.
“The opening skirmish in the 2011 price battle looks to be going
marginally in favour of scarcer sellers, especially in locations
preferred by tooled-up cash buyers or those packing a hefty deposit,” he
said.
“With the number of new sellers at a two year record low, prices
are being under-pinned by muted new supply just managing to fight off
the downsides of lender reticence. However, in less popular locations,
the smokescreen of New Year price optimism is temporarily masking the
collateral damage that the new era of tighter credit will continue to
inflict,” he added.
–London newsroom: 4420 7862 7492; email wwilkes@marketnews.com
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