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Last winter optimum time for property bargains

Last winter optimum time for property bargains

Category: Mortgages

Updated: 04/08/2009
First Published: 20/07/2009

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 It is now over 6 months old so the content may be out of date.

With the average value of UK property recording its fifth rise in just six months, a house price survey has concluded that the best time to pick up a bargain was last winter.

The Rightmove House Price Index has reported that asking prices increased by 0.6 per cent in July, following the first decrease in four months in June.

The average asking price for property in the UK increased from £226,436 to £227,864 – a rise of £1,428.

The renewed price increases in the first half of 2009, which follow five price decreases in six months in August 2008 to January 2009, indicate that last winter was the time when the market bottomed out.

Prices have now risen by an average of one per cent a month since the spring.

"There is now clear evidence that there were some fire-sale prices last winter, when a few brave buyers correctly called the bottom of the market," said the website's commercial director, Miles Shipside.

"In most parts of the country prices have consistently improved during the spring. With growing confidence that we've passed the bottom, buyers are more active, although they may discover that many of the best buys have gone."

The increasing figures appear to be tempting consumers to put their homes on the market in the hope of upgrading while prices are still historically low, with a 20 per cent increase in new sellers.

"It is essential these sellers are realistic are realistic on their pricing," added Mr. Shipside.

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