February 2012 | Property Blog by Rightmove

Forces align to deliver biggest monthly asking price jump for a decade

New sellers increase average asking prices by 4.1%, highest monthly increase since April 2002

Surprisingly strong spring ‘price-pump’ by scarce sellers fuelled by cash-rich market sectors where demand exceeds supply, though also some evidence of increasing housing market confidence:
- More mortgage deals - number of products available with 10% deposit up a third on a year ago
- Nationally five out of ten view property as a lower risk asset class, while six out of ten state they feel the current market favours buyers suggesting buyer bidding-power
- Evidence of dormant buyers ‘springing back to life’ suggests some adjustment to the current volume-constrained but stable market as the new norm

Upwards price-pressure sustainable in active cash-rich micro-markets with stock shortages – London prices now within 1% of an all-time high, as new listings down 9% on this time last year