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Home sellers raising asking prices

Home sellers raising asking prices

Category: Mortgages

Updated: 18/01/2010
First Published: 18/01/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Home sellers are in the box seat, after research revealed the housing market has enjoyed an encouraging start to the new year.

Average asking prices increased by 1.2%, or £2,698, in the first week of the year alone, contributing to a 0.4% rise across the month overall, according to Rightmove.

It means the price at which sellers are putting their properties on the market now stands at £222,261, more than 4% higher than a year ago.

Prices had fallen in each of the previous two months, as seller optimism appeared to wane.

However, with the number of properties coming to market sinking to the lowest level in ten years and buyer interest hitting a record high, sellers' confidence to try for a higher price has quickly returned.

Reduced access to mortgage funds, economic uncertainty and a low level of forced sales were all said to have contributed to the lack of new properties being put up for sale.

Despite anticipating a promising first few months of the year, with pre and post election uncertainty expected to hit confidence, the property website believes prices are likely to remain unchanged during 2010 as a whole.

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