Property asking prices hit a record high

Rightmove, the well known property website have announced that asking prices for property in England and Wales rose to a record high in May.

According to Rightmove average asking prices rose 2.2 percent on a year ago between April 13 and May 10 to hit an average 242,500 pounds, compared with a 1.3 percent annual rise in the month before.

When asked to comment on the announcement, Tim Lee, Managing Director of The Mortgage Warehouse (GB) Ltd said “Whilst asking prices are not selling prices, this does indicate that vendors are not prepared to sell at any cost. Anecdotal evidence from clients who are looking to buy would suggest that whilst sellers are prepared to consider reasonable offers, many would rather stay put than accept offers of more than a few percent lower than asking price. With interest rates looking to remain stable in the near future this trend is likely to continue”.

Tim Lee went on to add “Despite scare mongering in certain quarters, we tend to agree with the likes of Nationwide’s Fionnuala Earley when she forecasts reductions in property values of around 5%”.

Related Articles