Average asking prices increased by 1.7% in April to £235,822 leaving prices up 1% higher than the same time last year. The increase was the fourth consecutive monthly increase in 2011 and came despite unsold stock levels seeing their biggest increase for four years, from 70 to 74 properties.
After a couple of months of uncertainty, estate agents are now reporting that the higher levels of enquiries and viewings experienced in January and February are slowly converting into more concrete offers and agreed sales. Search activity on Rightmove broke previous records in three out of the four weeks of February.
London sellers coming to market in March asked on average 1.5% less for their properties than sellers the month before. However, new sellers’ asking prices have still recorded gains of 3.8% in the first quarter of 2011 as the London housing market gets off to a buoyant start.
After a couple of months of uncertainty, estate agents are now reporting that the higher levels of enquiries and viewings experienced in January and February are slowly converting into more concrete offers and agreed sales. Search activity on Rightmove broke previous records in three out of the four weeks of February.
While nationally new sellers average asking prices increased by just 0.3% (£711), they were again outperformed by the confidence of the capital’s sellers who pushed theirs up by 1.1% (£4,470).
The Rightmove House Price Index has seen an increase in average asking prices every October for the past 10 years, so it was perhaps not surprising to see a 3.1% rise over the past month.
An October increase of 4.3% or less would have meant London prices fell year-on-year. However, the 18,497 sellers who came to the market in the last month increased their average asking prices by 5% compared to sellers in the previous month.
The House Price Index is the largest, most up-to-date monthly sample of residential property asking prices.