Sellers achieving 94 per cent of house prices

Category: Mortgages
Date: 3/1/2010

Consumers selling their properties are achieving almost 94 per cent of their asking prices, bouncing back from a low of 88 per cent a year ago.

Nationally, buyers paid an average of 93.8 per cent of asking prices during February. The highest percentage was paid by those in the South East, where an average of 95 per cent of the asking price was paid for property.

Wales was the region where buyers paid the smallest proportion, although over nine tenths of the asking price was agreed on average, at 91.7 per cent, figures from Hometrack's monthly housing survey show.

The data also revealed that house prices rose by 0.3 per cent last month, although consumers have been warned that the increases lack real foundation and are being supported by a lack of supply.

"A lack of housing for sale is keeping an upward pressure on house prices," said Richard Donnel, director of research at Hometrack.

"This is being re-enforced by sellers and agents. All the recent talk of a housing recovery and positive year on year growth has increased sellers' expectations of achieving a good price for their property."

Over the last 12 months, the average price of a home in England and Wales has registered a 0.4 per cent rise – the first year on year rise since March 2008.

Furthermore, prices increased in 25 per cent of postcodes during February, a level not seen since 2007.

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