House prices rise 0.8 per cent

The average asking price for a property in England and Wales has risen by 0.8 per cent this month, new figures reveal.

However, the research by Rightmove.co.uk shows that the annual increase was five per cent, down from 5.8 per cent in February.

Miles Shipside, commercial director of Rightmove, advised new sellers to face up to the reality of higher mortgage interest rates and tighter lending conditions and take advantage of the opportunities afforded.

"As many of these sellers are likely to be buyers themselves, they seem to be trying to bank a higher figure for their home but want a bargain when they buy," he continued.

"It's human nature, but in the current market, sellers should price below their competition to achieve more interest now and avoid a larger price drop later in the year."

The average property in England and Wales is now on the market for £239,655.

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