New sellers increase average asking prices by 4.1%, the highest monthly increase since April 2002
Positive news for the Housing market is reported in the Rightmove House Price Index for February 2012.
"The onset of the spring moving season generally leads to more ambitious pricing of properties coming to market, partly due to estate agents vying for new seller instructions. However, this February's 4.1% (£9,192) increase is the highest monthly rise Rightmove has recorded since April 2002, a surprisingly strong uplift given the challenging economic environment. In part this is fuelled by the cash-rich sectors of the market where buyer demand is exceeding suitable property supply, though there is also evidence of increasing housing market confidence. After four years of constant economic uncertainty, it seems some property consumers have accepted current market conditions as the new norm"
Is this a Good time to buy?
60% of the 32,000 questioned in a recent Rightmove survey stated they feel the current housing market favours buyers, a clear indication that there is buyer bidding- power in their area to get a lower offer accepted. The same survey also found that just over half (51%) viewed property as lower risk when compared to other investment options, providing further evidence of confidence in property as an asset class.
In addition the number of mortgage products available with a 10% deposit is up a third from 12 months ago.
You can find out more about Century 21 UK sales and letting franchises available thought the UK by contacting us on 0870 21 11 399 or by emailing us at email@example.com.