22 November 2005

Confidence in property

Confidence in the housing market has picked up so far in November, with sellers raising asking prices by 0.8%, figures showed today.

According to property website Rightmove, the average asking price of a property in England and Wales rose by £1,507 to £197,855. The rising confidence among sellers meant they hoped to attract 4% more for their property than at the same time last year. In contrast, the year-on-year increase in prices in October was just 1.5%. In greater London, asking prices rose by 3.5% during the four weeks to mi-November, reaching £291,927. This is almost double the average asking price in the north of England which, following a 0.9% increase in November, stood at £150,052.

Despite price rises in November and October, Rightmove said asking prices were at the same level as in April this year.
It said sellers had responded to the slowdown seen earlier this year when sales reached their lowest level since 1996 and adjusted their expectations accordingly.

"The property market's key foundation has returned," said Miles Shipside, Rightmove's commercial director. "Confidence is back leaving pessimists out in the cold.
"The combination of sustainable prices and a fall in interest rates has raised buyers' and sellers' confidence to strike a deal".

More here.

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