Confidence in the housing market continues to grow, despite the ongoing lack of mortgage finance available to buyers, new research has revealed.
Record traffic was reported across the Rightmove property website during August, while sentiment also continued to improve. Three quarters of prospective movers said they did not expect house prices to fall in the coming year.
Meanwhile, sellers were found to be setting more realistic prices for their properties, with average asking prices falling by 2.2% during the month, a drop of more than £5,100.
The adjustment is all the more surprising given the heightened interest and that the number of homes coming on to the market remains low.
The website said tight mortgage lending criteria had continued to restrict transactions and seen the number of new sellers in August drop 48% on pre-credit crunch numbers.
"After several months of activity and prices revving upwards from last winter's low point, both will start to hit the limiter without more mortgage finance," said Miles Shipside, the website's commercial director.
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